Transaction Overview
GSP successfully placed the $13,000,000 bridge loan of a 170,000 square foot 2-building office complex located in Charlotte, North Carolina. The property experienced increased vacancy during the 2008-2012 recession, dropping occupancy to as low as 40%. The Charlotte market had bottomed and is now experiencing an upturn, returning to historic stabilized occupancy levels. Both properties are now positive cash flowing with solid renewal activity and a new major lease. The properties, 73% leased at funding, are well maintained and managed by the sponsor’s locally based management company. Floating over LIBOR with a 6.0% floor, the non-recourse loan offers a 2-year term before two – 6 month options.
