NEW YORK CITY – (June 15, 2015) Keith Braddish, managing director of NorthMarq Capital’s New York metro based regional office arranged acquisition financing of $79.8 million for 101 Independence Center, a 566,000 square foot office property located at 101 North Tryon Street in Charlotte, North Carolina. The floating rate transaction was structured with a 3-year interest only term. NorthMarq arranged financing for the borrowers, a partnership of LRC Properties, LLC and Cornerstone Real Estate Advisers LLC, acting on behalf of a Cornerstone-managed fund, through its relationship with Bank of America.
The class “A” asset is located at the intersection of Tryon and Trade Streets, which is commonly referred to as the “The Square” in Charlotte and is considered to be the premier location in downtown. The asset shares an adjoining atrium/lobby with the 400-room Marriott City Center, which is currently undergoing a major multi-million dollar renovation.
“This is the first transaction between LRC Properties and Cornerstone Real Estate Advisers and it represents a unique value-add opportunity with the acquisition of this class “A” office asset,” said Braddish. “Realizing the inherent value of existing below market rental rates at the property along with the need for a capital infusion to upgrade the asset, the partnership will engage in a capital plan which will bring the asset up the standards of the top echelon of the class “A” office market. Bank of America provided a balance sheet loan which facilitates the acquisition as well as allowing future funding for these aforementioned capital upgrades as well as tenant improvements and leasing commissions.”