JPMorgan Chase has provided a $60 million loan to refinance to Sterling Organization on its 661,156 sq ft Windsor Square Shopping Center property in a suburb of Charlotte, North Carolina.
The proceeds from the 10-year fixed-rate loan pay off a maturing CMBS loan, according to a statement from HFF, which arranged the deal. The parties involved did not respond to requests for comment on pricing.
Located in the Charlotte suburb of Matthews, North Carolina, the Windsor Square Shopping Center is 96 percent leased, and though built in 1987 it underwent a $16 million renovation between 2012 and 2014.
Active across all property types this year, JPMorgan provided a $75 million refinancing on a mixed-use retail and medical center in Nashville, Tennessee this August and a $70 million acquisition loan on another mixed-use building in Austin, Texas this June. The bank has $1.7 trillion of assets under management.
Sterling Organization is a private equity real estate firm focused on value-add retail assets and stabilized/core grocery-anchored shopping centers in major markets across the US.
The growing “Research Triangle” area near Charlotte with a heavy concentration of tech and life-science firms has provided a strong base for the city’s retail markets, according to a recent report from Marcus and Millichap.
Tenants at the Windsor property include Ross Dress for Less, Sam’s Club, J.C. Penney, PetSmart, Kohl’s, Lifetime Fitness and Outback Steakhouse.