Mesa West Capital has provided $167.8 million in first mortgage debt to Crestlight Capital to finance the acquisition of SouthPark Towers, a 534,263-square-foot office complex in Charlotte, N.C.
The loan is secured by SouthPark Towers I and II located at 6000/6100 Fairview Road. SouthPark Towers is well positioned in the SouthPark submarket of Charlotte, NC, a dynamic mixed-use office, retail and multifamily submarket serving an affluent population base in the surrounding neighborhoods. SouthPark is located only seven miles southeast of the Charlotte CBD and offers strong connectivity to the surrounding markets and Charlotte Douglas Airport (nine miles west). The two towers were constructed in 1988 and 1998 respectively, and contain a strong credit tenant base including USI Insurance, UBS and New York Life, Merrill and Wells Fargo.
The SouthPark submarket is known throughout the Carolinas as a high-end retail and residential destination anchored by the SouthPark Mall, which is the largest mall between Atlanta and Washington D.C. The submarket has historically been built on financial services seeking to be close to affluent clientele in the surrounding neighborhoods of Myers Park and Foxcroft, and has more recently grown to accommodate a wide array of tenant types that are attracted to the amenities, live-work-play environment and convenient transportation access.
“South Park Towers is located in one of Charlotte’s most high-demand mixed-use office submarkets,” said Executive Director Russell Frahm, who along with Vice President Brian Hahn led the origination team out of Mesa West Capital’s New York City office. “Our financing will allow the sponsor to update the property through a multi-million dollar capital improvement plan, which includes a complete lobby renovation, expansion and renovation of amenity spaces, additional common area improvements and a spec suite program to add considerable value to an already top-quality asset.”
The financing was arranged by CBRE’s Harris Ralston, C.J. Kelly, John Ogren and John Wiley from the Charlotte and Atlanta offices.
