$36,000,000 Non-Recourse Bridge/Acquisition Financing of Ballantyne Village (Charlotte, NC)
65% bridge loan locked at 4.52% for 5 years on a non-recourse basis
First three years interest only, then 30-yr amortization
Funding of lease-up capital on an as-needed basis
Cronheim Mortgage secured a non-recourse bridge loan for the acquisition and lease-up/repositioning of Ballantyne Village, located at the corner of Ballantyne Commons Parkway and Johnston Road in Ballantyne, Charlotte, NC.
The client, a NYC-based retail operator in partnership with a California-based institutional capital management firm, acquired the property with a value-add investment strategy.
Located at one of the four corners of the Monuments at Ballantyne, Ballantyne Village is an entertainment, dining and service-focused retail center that serves the Ballantyne Corporate Park complex across the street and the affluent surrounding residential population. Ballantyne Corporate Park, which is comprised of 4MM SF of Class A office space plus four hotels and the Ballantyne Golf Club, recently sold for $1.2B, the largest real estate transaction in Charlotte history.