Greystone, a national commercial real estate lending, investment and advisory firm, announced the closing of a $30.3 million bridge loan made to an affiliate of Grubb Properties, Inc.
The loan is a 3.5-year, floating-rate bridge loan originated by Timbercreek Asset Management (U.S.) LLC to finance the recapitalization and lease-up of 1515 Montford Park, a newly-renovated 10-story, approximately 123,000 square foot Class-A office building located at 1515 Mockingbird Lane in Charlotte, North Carolina. In 2017, Grubb Properties embarked on an extensive floor-by-floor renovation, which included a revamp of every major building system that transformed the property into one of the premier Class-A office addresses in the Montford Park submarket. The property sits within a 10.7-acre campus that Grubb Properties has rezoned and is redeveloping to also include an existing office building at 4601 Park Road and over 500-multifamily units.
Greystone Capital Advisors, headed by President Drew Fletcher, served as exclusive advisor on behalf of Grubb Properties. Executive Managing Director Paul Fried, Vice President Matthew Hirsch, Senior Associate Steven Deck, and Analyst Cassandra Connolly led the Greystone Capital Advisors team on the transaction.