SOURCE Terra Capital Partners
NEW YORK and CHARLOTTE, N.C., Feb. 11, 2019 /PRNewswire/ — Terra Capital Partners (“Terra”), a New York based real estate credit asset manager, today announced the closing of a $23.9 million bridge loan to facilitate the acquisition of an office property and parking deck in the Uptown neighborhood of Charlotte, North Carolina. Holliday Fenoglio Fowler, L.P. (“HFF”) brokered the bridge loan, which was provided to Ferncroft Capital, a Charlotte-based, boutique private real estate investment firm.
The property includes a 65,000 square foot office building on South Tryon Street, as well as a parking deck with more than 220 spaces, facing South Church Street at West Martin Luther King, Jr. Blvd. The recently renovated office building has had strong historical occupancy and is fully occupied. Located in the heart of Uptown Charlotte, the property enjoys close proximity to public transportation as well as more than 30 restaurants and bars.
“This transaction underscores Terra’s success in identifying well-positioned assets in markets with strong fundamentals and our ability to offer our borrowers bespoke financing solutions, all while maintaining our disciplined approach to investing,” said Dan Cooperman, Chief Originations Officer of Terra Capital Partners. “As a result of this bridge loan, Ferncroft Capital will have the capital necessary to support their plans for the property and capture its full value potential. We are pleased to have collaborated with Ferncroft Capital, who has a successful track record of long-term value creation, on this project.”
The HFF debt placement team representing the owner consisted of Senior Managing Director, Travis Anderson and Senior Director, Cory Fowler.
Mr. Anderson added, “We are pleased to have facilitated this loan to Ferncroft Capital. The positive market dynamics, such as the substantial employment growth and MSA demographics, which outpace the country as a whole, embody the exciting opportunities in the Charlotte market. Terra has been an exceptional partner, and we look forward to working with them in the future.”
“Terra Capital Partners immediately understood the mark to market investment strategy as well as the development optionality this location has for a higher density mixed use project in the future. Their vast background in lending on all phases of the capital stack was very beneficial to helping create a debt structure that fits perfectly with our investment objectives,” said John R. Hollmeyer, Principal of Ferncroft Capital.