Barings Provides $51.4 Million Financing on Lower Tuck in Charlotte, NC
CHARLOTTE, N.C.--(BUSINESS WIRE)--Barings, one of the world's largest diversified real estate investment managers, announced today that it has provided a $51.4 million loan to a partnership of Third & Urban and TPG Angelo Gordon to refinance the existing loan on Lower Tuck ('the Properties') in Charlotte, North Carolina.
'We are excited about partnering up with Third & Urban and TPG Angelo Gordon on this adaptive reuse mixed-use campus in the burgeoning FreeMoreWest submarket. Charlotte's office market fundamentals are steadily improving, with limited new supply expected in the near term. Differentiated offerings like Lower Tuck are well-positioned to benefit from this trend,' said Ryan Naumes, Managing Director with Barings.
Lower Tuck is a portfolio of three Class A, adaptive reuse buildings totaling 247,223 sq. ft. in Charlotte. The portfolio was 63.6% leased to 20 tenants at the time of the transaction. The portfolio includes:
929 Jay Street: An 84,919 sq. ft. creative office building with timber ceilings 19-foot windows, and ample outdoor/patio space.
1018 Jay Street: Offers 69,774 sq. ft. of office and retail space, with steel truss and timber ceilings, skylights, and an open-air courtyard.
800 Gesco Street: Comprises 92,530 sq. ft. of creative office and retail suites, showcasing impressive 24-foot, exposed barrel vault and steel truss ceilings, floor-to-ceiling windows, and six recently delivered speculative suites, three of which are leased.
CBRE advised the sponsorship on the financing from Barings.
This transaction expands Barings' $23.79+ billion* real estate debt platform, which leverages the team's broad direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate.
About Barings
Barings is a $442+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.
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