Third & Urban and TPG Angelo Gordon have obtained a $51.4 million loan to refinance Lower Tuck, a mixed-use portfolio of repurposed buildings totaling 247,223 square feet in Charlotte. At the time of the transaction, the portfolio was 63.6% leased to 20 tenants.
Brian Linnihan, Mike Ryan, Richard Henry and JP Cordiero with CBRE Debt & Structured Finance in Atlanta secured the floating-rate, full-term interest-only loan on behalf of the sponsors. Barings provided the loan.
The portfolio consists of three single-story adaptive reuse buildings with retrofitted Class A office and retail space:
- 929 Jay Street is an 84,919-square-foot creative office building with timber ceilings.
- 1018 Jay Street is a 69,774-square-foot building with 61,000 square feet of office and 8,089 square feet of retail space. It features eight studio suites totaling 17,579 square feet, which are fully occupied.
- 800 Gesco Street is a 92,530-square-foot building with 83,979 square feet of creative office space and 8,551 square feet of retail.
The post JV Lands Refi for Charlotte Adaptive Reuse Portfolio appeared first on Connect CRE.
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