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JV Lands Refi for Charlotte Adaptive Reuse Portfolio
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.
- ◦Financing
