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Charlotte Office Collateralized for $38M from Rubenstein Mortgage Capital
Rubenstein Mortgage Capital has funded a $37.8-million first mortgage loan collateralized by Esplanade at SouthPark, a 213,324-square-foot, Class-A office building in Charlotte, NC.
RMC provided the borrower with an initial $28 million at closing to refinance the property’s existing loan and up to $9.8 million of future funding for capital improvements and leasing costs. The borrower in the transaction is an entity controlled by LRC Properties.
Originally built in 1981, Esplanade is a four-story office building with three-stories above grade and a single lower-level floor. There are 626 paved parking spaces, conference center, lounge and fitness center. The property is currently 72% leased.
The property sits in the SouthPark submarket, which has 2.7 million square feet of retail space and restaurants. Esplanade has access to I-77 and I-485 and is 10 miles from the Charlotte Douglas International Airport. There are more 1,300 luxury apartments under development within a mile of the property.
- ◦Financing
