Uptown Charlotte Office Building Receives $59M Refi
- Oct 16, 2018
HFF has secured the refinancing of a roughly 359,000-square-foot, Class A office building in Uptown Charlotte, N.C. The team worked on behalf of the borrower, Stream Realty Partners, to arrange the four-year, floating-rate loan through PCCP. According to public records, the new loan amounts to $59.2 million.
Located at 300 S. Brevard St., the 15-story asset is LEED Certified and recently underwent a comprehensive improvement program that focused on creating a collaborative, modern setting and improving the building’s overall efficiency. Renovations included updates to the lobby, elevator tower and building facade, the addition of new ground-floor and lobby-level retail spaces as well as outdoor terraces and patios. Additionally, the property features a five-level, 552-space parking garage.
Dubbed 300 South Brevard, the building is minutes from neighborhoods such as Dilworth, Myers Park, Eastover, South End and NoDa, and adjacent to the Lynx Blue Line’s Third Street Station, within a block of the Charlotte Transit Center. The Charlotte Convention Center is close by and the NASCAR Hall of Fame is across the street. A covered walkway connects from 300 South Brevard to the Overstreet Mall, a network of skywalks providing access to numerous dining and retail options in Uptown.
Senior Managing Director Travis Anderson, Senior Director Cory Fowler and Associate John Gavigan were part of the HFF debt placement team. The new mortgage replaces a $61 million loan originated by Citizens Financial Group in 2017, Yardi Matrix shows.
“Stream has done a phenomenal job revitalizing an old, tired building into modern, sleek office space to attract the growing pool of talent in Charlotte,” Fowler said in prepared remarks. “We believe Stream is positioned to take advantage of Charlotte’s growth, which has seen a lot of success in the office sector, especially in Uptown,” Anderson added.
Last month, HFF arranged the refinancing of two Class A office buildings in Rockville, Md. The team secured $36.5 million through EagleBank.
Image courtesy of Yardi Matrix