HFF Arranges $350 Million in Financing for Office, Hotel and Retail Assets within Ballantyne Corporate Park in Charlotte
06 March 2017 - 10:00PM
Business Wire
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
arranged $350 million in combined financing on behalf of Northwood
Investors for a portfolio of 13 office properties, two retail
buildings and two hotels located within Ballantyne Corporate Park
in Charlotte, North Carolina.
In total, Northwood acquired a vast majority of Ballantyne
Corporate Park, which includes 36 office buildings (4.2 million
square feet), four hotels (588 rooms), two restaurants (13,000
square feet) and land entitled for additional office, hotel and
multifamily developments. Only a 20 minute drive from Charlotte’s
central business district and proximate to many affluent
residential neighborhoods, Ballantyne Corporate Park was developed
over a 20-year period and is situated along Interstate 485 in South
Charlotte.
HFF worked on behalf of Northwood to secure three separate
acquisition loans, which include a fixed-rate loan with two life
companies on the office and retail component, and two bank loans
for The Ballantyne, a Luxury Collection Hotel, Charlotte and Aloft
Charlotte Ballantyne. Also at closing, Northwood assumed existing
debt on the other remaining assets in the park.
The commercial component of the financing was comprised of 13
office properties, which total 1.8 million square feet and are 96
percent leased to tenants including MetLife, Wells Fargo, Premier,
TIAA, Liberty Mutual and Novant Health, while the two retail
properties are occupied by Stone Mountain Grill and Vine
Restaurant. The hotel portion of the financing includes The
Ballantyne, a Luxury Collection Hotel, Charlotte, a 244-room luxury
resort featuring 30,000 square feet of meeting and event space,
Ballantyne Spa (Charlotte’s only Forbes Four-Star spa), indoor and
outdoor pools, a fitness center, tennis courts, the Forbes
Four-Star rated Gallery Restaurant and access to a PGA golf course
with a renowned golf school. In addition, HFF arranged financing
for the 136-room Aloft Charlotte Ballantyne which offers guests the
W XYZ bar, an indoor pool, fitness center, a food café and access
to the nearby golf course at The Ballantyne.
The HFF debt placement team representing the borrower was led by
senior managing director Travis Anderson, director Brent Bowman and
director Cory Fowler.
"Acquiring such a diverse portfolio with the breadth of
Ballantyne Corporate Park is a generational opportunity,
unprecedented in the state of North Carolina and one of the largest
real estate trades ever in the Southeast,” said Anderson. “By
having the ability to control the second largest sub-market outside
of Charlotte's CBD coupled with additional development potential,
Northwood is extremely well positioned to improve upon the legacy
of Ballantyne while delivering exceptional returns for its
investors."
About HFF
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and
HFF Securities Limited (collectively, “HFFS”) are owned by HFF,
Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading
provider of commercial real estate and capital markets services to
the global commercial real estate industry. HFF, together with its
affiliates, offers clients a fully integrated capital markets
platform including debt placement, investment sales, equity
placement, advisory services, loan sales and commercial loan
servicing. For more information please visit hfflp.com or follow
HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP
Corp, a North Carolina licensed real estate broker.
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version on businesswire.com: http://www.businesswire.com/news/home/20170306005141/en/
HFFTRAVIS ANDERSON, (704) 526-2800HFF Senior Managing
Directortanderson@hfflp.comorBRENT BOWMAN, (704) 526-2800HFF
Directorbbowman@hfflp.comorCORY FOWLER, (704) 526-2800HFF
Directorcfowler@hfflp.comorKRISTEN MURPHY, (617) 338-0990HFF
Director, Public Relationskrmurphy@hfflp.com
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