CIP Obtains $66M Refinancing for Charlotte-Area Warehouses
CBRE has arranged two loans worth $66 million to refinance two separate industrial portfolios in the Charlotte, North Carolina, metropolitan area.
Brian Linnihan led CBRE Capital Markets’ Debt & Structured Finance in Atlanta, which represented CIP Real Estate in both deals. A $35 million loan was secured through HIMCO, while a $31 million loan was secured through a national bank.
The larger of the two loans was secured for the refinancing of International Corporate Center, a six-building industrial project located in Concord, North Carolina and the construction of two industrial buildings totaling 147,467 square feet. Located near the intersection of International and Corporate drives, International Corporate Center totals 200,831 square feet (not including new development), is home to 12 tenants, and was 92% leased at the time of the loan funding.
The $31 million loan was secured for the acquisition of a seven-building, 334,989-square-foot industrial portfolio also in the Charlotte metropolitan area. Three different industrial developments comprised the portfolio, which was 99% leased to 12 tenants.
