NEW YORK and CHARLOTTE,
N.C., Feb. 11, 2019
/PRNewswire/ -- Terra Capital Partners ("Terra"), a
New York based real estate credit
asset manager, today announced the closing of a $23.9 million bridge loan to facilitate the
acquisition of an office property and parking deck in the Uptown
neighborhood of Charlotte, North
Carolina. Holliday Fenoglio
Fowler, L.P. ("HFF") brokered the bridge loan, which was
provided to Ferncroft Capital, a Charlotte-based, boutique private real estate
investment firm.
The property includes a 65,000 square foot office building on
South Tryon Street, as well as a parking deck with more than 220
spaces, facing South Church Street at West Martin Luther King, Jr.
Blvd. The recently renovated office building has had strong
historical occupancy and is fully occupied. Located in the heart of
Uptown Charlotte, the property enjoys close proximity to public
transportation as well as more than 30 restaurants and bars.
"This transaction underscores Terra's success in identifying
well-positioned assets in markets with strong fundamentals and our
ability to offer our borrowers bespoke financing solutions, all
while maintaining our disciplined approach to investing," said
Dan Cooperman, Chief Originations
Officer of Terra Capital Partners. "As a result of this bridge
loan, Ferncroft Capital will have the capital necessary to support
their plans for the property and capture its full value potential.
We are pleased to have collaborated with Ferncroft Capital, who has
a successful track record of long-term value creation, on this
project."
The HFF debt placement team representing the owner consisted of
Senior Managing Director, Travis
Anderson and Senior Director, Cory
Fowler.
Mr. Anderson added, "We are pleased to have facilitated this
loan to Ferncroft Capital. The positive market dynamics, such as
the substantial employment growth and MSA demographics, which
outpace the country as a whole, embody the exciting opportunities
in the Charlotte market. Terra has
been an exceptional partner, and we look forward to working with
them in the future."
"Terra Capital Partners immediately understood the mark to
market investment strategy as well as the development optionality
this location has for a higher density mixed use project in the
future. Their vast background in lending on all phases of the
capital stack was very beneficial to helping create a debt
structure that fits perfectly with our investment objectives," said
John R. Hollmeyer, Principal of
Ferncroft Capital.
About Terra Capital Partners
Terra Capital
Partners is a New York City based
real estate credit asset manager that invests across property
types, markets and securities. The firm has deployed $2 billion of capital and has built a strong
track record over its history. Currently, Terra has approximately
$500 million of discretionary capital
under management.
About HFF
HFF and its affiliates operate out of
26 offices and are 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 advisory, equity placement, funds marketing, M&A and
corporate advisory, loan sales and loan servicing. HFF, HFF
Real Estate Limited, HFF Securities L.P. and HFF Securities Limited
are owned by HFF, Inc. (NYSE: HF). For more information, please
visit hfflp.com or follow HFF on Twitter @HFF.
About Ferncroft Capital
Ferncroft Capital is a
private real estate investment firm headquartered in Charlotte, NC. The firm co-invests with
institutional partners, private equity funds and family offices,
and has sponsored investments valued at over $425 million since its founding in 2007.
Terra Media Contacts
Jonathan Keehner / Julie
Oakes / Jillian Kary
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
HFF Media Contact
Kristen Murphy
Director, Public Relations
(617) 848-1572
krmurphy@hfflp.com
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SOURCE Terra Capital Partners