Crestlight Capital Purchases SouthPark Towers in Charlotte with $168M Loan
Crestlight Capital, in partnership with an institutional investor, has acquired SouthPark Towers in the SouthPark submarket of Charlotte, NC.
Mesa West Capital has provided $167.8 million in first mortgage debt to Crestlight Capital to finance the acquisition. The loan is secured by SouthPark Towers I and II.
The purchase of the two-building office campus represents Crestlight’s first office investment in Charlotte and fourth investment over the past 16 months totaling over $500 million of enterprise value.
“Charlotte is a core focus market for Crestlight as we continue to expand our portfolio throughout the Sunbelt,” said Brad Finkel, VP at Crestlight. “We believe SouthPark’s urban, and amenity rich environment will continue to lead to outsized demand for class A product as it has demonstrated throughout the pandemic.”
As part of the acquisition, Crestlight plans on executing a significant renovation of both buildings, including cosmetic improvements, new building amenities and an overhaul of outdoor space, among others.
The new ownership team has retained CBRE to manage and lease the property.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.