Lenders Still Not Shy When It Comes To The Right Deals
With the Fed still hesitant to raise interest rates, lenders are still eager to finance (or refi) the right kinds of property in growth markets, such as in the Carolinas.
Recently, Bellwether Enterprise arranged refinancing of the AvidXchange Music Factory in Charlotte through Cantor Commercial Real Estate Lending. “The Music Factory is transformative real estate," notes Bellwether assistant VP Mark Ethridge, who facilitated the deal. The property, he points out, is an entertainment hub (a play destination) that's evolving into a live and work destination as well, a very attractive combination for lenders in a growth market like Charlotte.
Payments software company AvidXchange bought the naming rights to the property earlier this year; its new HQ is under development there. "With companies such as AvidXchange attracting hundreds of new jobs to the campus, Music Factory is a catalyst for growth in Charlotte,” Mark says. The property features 120k SF of office space; 140k SF of restaurant, bar and entertainment offerings; and a 5,000-person amphitheater operated by Live Nation, along with two indoor venues.
In Durham, HFF recently repped Longfellow Real Estate Parters in obtaining a $22k loan through Citizens Bank for the conversion at the 138k SF Venture Center. GlaxoSmithKline vacated late last year, and Longfellow plans to rebuild the lab space. The renovation will include adding a new loading dock, additional parking spaces, repainting the building and landscaping the courtyard.
“The Research Triangle is one of the fastest-growing hotspots for tech and life sciences," says HFF associate director Cory Fowler, who facilitated the deal with managing director Greg LaBine. "Longfellow has identified robust demand in the market for life science real estate."