Trinity Capital JV Secures Loan for Office Purchase, Repositioning

November 13, 2025

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Barings provided the financing.

A joint venture between Town Lane and Trinity Capital Advisors secured an $81 million floating-rate bridge loan from Barings to support the acquisition and repositioning of 440 S. Church, a 15-story, 388,657-square-foot Class A office tower in Charlotte, N.C.

Joint venture partners Town Lane and Trinity Capital Advisors acquired 440 S. Church, a 15-story office tower in Uptown Charlotte, N.C., and are planning $20 million in renovations. *Image courtesy of Barings*

The transaction expands Barings’ real estate debt platform, which leverages the team’s direct origination capabilities and credit expertise to invest in loans secured by institutional-quality commercial real estate.

Town Lane, a boutique real estate investment manager, is investing in the property through its $1.3 billion fully discretionary closed-end fund that invests across asset classes and is backed by institutional investors. The acquisition of 440 S. Church is the firm’s second office acquisition since the fund launched in 2024.

The joint venture acquired the property in Uptown Charlotte last month for $75.8 million from EPIC Investment Partners, according to Yardi Matrix. Trinity Capital developed the property, also known as Ally Center, in 2009 and sold it to EPIC in 2014 for $108.8 million, according to the same source. The firm also managed the property.

The LEED Gold-certified property was less than 40 percent leased at the time of sale. Its tenant roster includes Driven Brands, HDR Engineering, Yoh, Cushman & Wakefield, Beacon Hill and Brightway Insurance. The building also has a restaurant tenant, Hasaki Grill & Sushi.

The new owners plan to invest more than $20 million in renovations. Upgrades are expected to include the addition of hospitality quality lounges, enhancement of the street-level retail presence as well as improvements to the building’s systems, common areas and second-floor tenant amenity experience.

Strong sponsors, good location

Building amenities include a fitness center and locker rooms, conference center and tenant access to 450 structured parking spaces. The building features floorplates averaging 26,753 square feet and 10,000 square feet of retail space.

440 S. Church is located within walking distance of Bank of America Stadium, Truist Field and a variety of dining and entertainment options. The building is near Interstate 277.

Ryan Naumes, Barings managing director, said in prepared remarks the investment reflects Barings’ conviction in Charlotte’s rebounding office market and the long-term value creation potential of well-located high-quality assets. He cited the proximity to major employers, vibrant amenities and strong transportation connectivity as reasons the property is positioned for success as the market recovers.

CBRE advised the sponsorship on the financing with a team led by J.P. Cordeiro, Brian Linnihan and Mike Ryan, according to the Commercial Observer.

Office market update

Town Lane and Trinity Capital noted at the time of purchase that the building offered a compelling leasing opportunity in a popular but supply-constrained area of Charlotte’s office market. The new owners stated no new office deliveries are expected within the next two years in a market with a diminishing supply of Class A space.

While office deliveries remained low for the first seven months of 2025 with more than 1 million square feet completed across three projects, the metro still ranked second among its peers, according to Yardi Matrix data. By comparison, San Diego had 1.4 million square feet of office deliveries and Nashville had completions totaling nearly 640,000 square feet by the end of July.

Town Lane and Trinity Capital also note that the property is positioned to benefit from the area’s continued growth, including the heavily anticipated Brooklyn & Church, an adjacent redevelopment project encompassing an entire block directly across the street from 440 S. Church. The redevelopment will transform the former Duke Energy building into 57,000 square feet of retail and 460 units of luxury housing.

Previous Barings deals

Barings has worked with Trinity Capital in the past. In August, Trinity Capital formed a joint venture with Barings to develop I-40 Exchange, a two-phase, Class A industrial park in Garner, N.C. Located in the East Wake submarket of the Greater Triangle region, the project will encompass approximately 715,000 square feet across four buildings. The partners broke ground in September on two buildings in Phase 1 totaling 336,000 square feet.

I-40 Exchange was Trinity Capital’s third investment with Barings. Additional investments include Horizon 16, a three-building, 626,000-square-foot Class A industrial development in Savannah, Ga., and 85 Exchange, a seven-building, 1.3 million-square-foot industrial development in Kannapolis, N.C.