Greystone Arranges $30.3 Million Bridge Loan for Grubb Properties’ Class-A Office Repositioning in Charlotte, NC
November 4, 2019
Greystone today announced the closing of a $30.3 million bridge loan made to an affiliate of Grubb Properties, Inc.
The loan is a 3.5-year, floating-rate bridge loan originated by Timbercreek Asset Management (U.S.) LLC to finance the recapitalization and lease-up of 1515 Montford Park, a newly-renovated 10-story, approximately 123,000 square foot Class-A office building located at 1515 Mockingbird Lane in Charlotte, North Carolina. In 2017, Grubb Properties embarked on an extensive floor-by-floor renovation, which included a revamp of every major building system that transformed the property into one of the premier Class-A office addresses in the Montford Park submarket. The property sits within a 10.7-acre campus that Grubb Properties has rezoned and is redeveloping to also include an existing office building at 4601 Park Road and over 500-multifamily units.
Greystone Capital Advisors, headed by President Drew Fletcher, served as exclusive advisor on behalf of Grubb Properties. Executive Managing Director Paul Fried, Vice President Matthew Hirsch, Senior Associate Steven Deck, and Analyst Cassandra Connolly led the Greystone Capital Advisors team on the transaction.
“Grubb Properties is a top owner-developer in the Southeast whose vision and ability to execute on complex developments and investments is unparalleled,” said Mr. Fletcher. “1515 Montford Park and the surrounding campus development speak to Grubb Properties’ creativity and ability to create new nodes of urban activity. Grubb Properties is an important client of Greystone’s and we appreciated the chance to have represented the firm again on such an exciting opportunity.”
“Grubb Properties is happy to have again worked with Greystone Capital Advisors and to have started a new relationship with Timbercreek on this transaction,” said Henry Lomax, Chief Financial Officer of Grubb Properties. “Timbercreek shares our vision for this project and the loan has provided important capital to complete our business plan. It is the first of many transactions we expect to complete with Timbercreek.”
“Timbercreek is excited to have been able to work with Grubb Properties and Greystone on the 1515 Montford transaction,” said Patrick Maroney, Executive Director at Timbercreek. “Grubb Properties has completed the heavy lift and with the remaining vacancy concentrated on the upper floors, we look forward to seeing the asset through lease-up and stabilization. Charlotte continues to show strong signs of growth and investor liquidity and remains a target market for the US Debt fund.”