Talonvest Secures $16M Loan for Charlotte Business Park

by Laura Calugar

Whitehall I

Charlotte, N.C.—Talonvest Capital Inc. has recently funded a $16.1 million non-recourse, four-year bank balance sheet bridge loan for the value-add acquisition of two Class A multi-tenant industrial and flex properties. Known as Whitehall I and II, the facilities consist of two buildings with a total of 204,900 square feet, located within the 700-acre Whitehall Master Plan in the Southwest Charlotte submarket.

Negotiations with the lender resulted in the four-year loan being priced at 2.1 percent over Libor. The loan structure featured a low interest rate with interest-only payments for the full term, future advances for leasing-related costs and individual release provisions for maximum borrower flexibility.

Whitehall II

The loan was secured on behalf of CIP Real Estate and its joint venture equity partner, CrossHarbor Capital Partners, a Boston-based investment management firm.

CIP Real Estate purchased the properties for $22 million this past May from Fort Properties.

“Talonvest was once again an integral part of our team and negotiated the best rate and terms for our project,” said Chuck McKenna, one of CIP’s principals, in a prepared statement.

“We’re grateful for the opportunity to work with the experienced professionals at CIP and CrossHarbor and to close another successful financing with them,” added Eric Snyder, principal at Talonvest.

The Talonvest team handling the transaction included Snyder, Sherlock, Erich Pryor and Carole Stanley.

Images courtesy of American Asset Corp.