In a successful collaboration, IPA Capital Markets (a division of Marcus & Millichap, NYSE: MMI) and Green Harbor Capital were able to secure $18 million in financing for the acquisition of a 31-story Class A office building at 121 W. Trade Street in Charlotte. Led by Bobby Werhane from the firm’s Charlotte office and Griffin Dunaway, principal at Green Harbor Capital, this deal was made possible through a local credit union on behalf of New England Investment Properties.
The loan terms include an interest rate of 6.625% over a period of five years with no prepayment penalty and a loan-to-value ratio set at 65%. The property boasts an impressive total area spanning across 334,368 rentable square feet and is conveniently located near Tyron Street Station. Retail amenities such as Reid’s Fine Foods, Charlotte City Club,and even a barbershop are all within close proximity to this high-rise building.
Additionally,the property offers various features that cater to tenants’ needs including common wellness rooms,a podcast studio,and tenant hub equipped with training rooms,lounges,and conference facilities.Furthermore,the upper floors have recently undergone renovations,making it an attractive investment opportunity for NEIP.The news was originally reported by Connect CRE.
