The Greenwich Group International has announced that it has secured $52.9 million in acquisition and renovation financing for Park Central and Park East, two commercial office parks totaling 570,000 square feet in Greenville, SC.
Greenwich was the exclusive advisor on behalf of the buyer, TWO Capital Partners in Atlanta, GA, in successfully securing a $39 million senior acquisition/renovation loan, and $13.9 million in joint venture equity financing. The project was acquired in an off market sale.
Park East and Park Central are strategically located in the I-385 Corridor of Greenville, one near the Downtown Airport and the other at the junction of I-385 and I-85. The portfolio contains 12 buildings that are currently 70% occupied. The market has seen office growth due to the presence and expansion of industry leaders such as BMW, Michelin, GE, Flour, and Milliken as well as the top-ranked business climate in the Upstate region of South Carolina. The portfolio is well situated and now properly capitalized to gain market share in support of the demand drivers in the region.
The Greenwich team representing the client was led by Don Atchison, Steve Lorenz and Larry Baucom. Lorenz commented “the client’s energy and aggressiveness in sensing and controlling the opportunity with this portfolio made the transaction move forward in an organized and professional manner. Their knowledge of the asset and the market will ensure success with this project”. Atchison added “The Greenville market has had good growth over the last few years and the State’s pro-business attitude will ensure that new tenants will enter the market and existing tenants will expand there. The portfolio under the client’s leadership is well positioned to reach leasing stabilization in short order”.
ABOUT THE GREENWICH GROUP INTERNATIONAL:
The Greenwich Group International is a leading real estate capital advisory firm headquartered in New York and offices in Washington, DC, San Francisco and Los Angeles. Its main focus centers around all aspects of real estate investment capital. The firm offers four main business lines: Capital Markets (Debt & Equity Placement), Investment Banking and Structured Finance, Investment Sales and Development Services.
For more information, please contact:
Alla Torres
Marketing and Public Relations
703 525 8300 Ext. 7
ABOUT TWO CAPITAL PARTNERS:
TWO Capital Partners is a private real estate investment and development firm based in Atlanta, Georgia, with a specialty in development and acquisitions throughout the Southeastern United States. Through a wide set of skills honed over decades of experience and a deep set of relationships that complement these abilities, TWO Capital has developed, acquired, leased, managed, and financed real estate assets valued at over $1 billion. The firm’s expertise includes office, retail, multi-family, single-family, and mixed use projects.
For more information about TWO Capital Partners, visit www.twocapitalpartners.com
