HFF arranges $350 million in financing for office, hotel and retail assets within Ballantyne Corporate Park in Charlotte
CHARLOTTE, NC – March 6, 2017 – 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."
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.