CIBC provides $79m loan on Charlotte office park

CIBC Capital Markets provided a $79 million acquisition loan for Toringdon Office Park, a six-building, 519,698 sq ft, Class A office park in Charlotte, North Carolina.

CIBC Capital Markets provided a $79 million acquisition loan for Toringdon Office Park, a six-building, 519,698 sq ft, Class A office park in Charlotte, North Carolina.

Insurance company American International Group Inc. (AIG) and Trinity Capital Advisors purchased the office park for $114 million. The latter firm was reportedly the seller, along with Stockbridge Capital Group, but will remain in the ownership structure.

Toringdon Portfolio EmailHFF arranged both the sale and financing of the acquisition but did not disclose loan terms. The loan-to-value based on the acquisition price is about 70 percent.

The six properties located at 3420, 3430, 3440, 3426, 3436 and 3530 Toringdon Way, off of Johnston Road in the Ballantyne submarket of Charlotte, 10 miles south of Charlotte’s central business district, with direct access to Interstates 485 and 77 and the Interstate 85 corridor.

The buildings were constructed between 2001 and 2008, and the park is 87 percent leased to tenants including Selective Insurance, Crown Castle, Heartland Payment Systems and TIAA-CREF. HFF’s debt placement team representing the borrower was led by senior managing director Travis Anderson and associate director Cory Fowler.

This transaction represents the first core office asset to be marketed and sold in the Ballantyne area of Charlotte in more than 18 years ago, according to HFF.

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