Holliday Fenoglio Fowler, L.P. (HFF) announces the $20.714 million financing for 301 Midtown, a 13-story, 184,032-square-foot office building in Charlotte, North Carolina.
The HFF team worked on behalf of the borrower, The Fallon Company LLC, to secure the floating-rate acquisition loan through Citizens Bank.
301 South McDowell Street, now known as 301 Midtown, is located in Charlotte’s central business district within the Interstate 277 Loop. This location is easily accessible via Interstates 277, 77 and 85 and is within walking distance of Spectrum Arena, BB&T Ballpark, Bank of America Stadium, the Mecklenburg Court House and Government Center. Additionally, Bank of America’s headquarters and Wells Fargo’s East Coast headquarters are a few blocks from the property. Renovated in 2012, 301 Midtown is 79 percent leased to an attractive tenant roster inclusive of local, regional and national companies from various industries. The borrower has budgeted for planned capital improvements to the property, such as site landscaping, improved entrance lobbies, new amenities, building security, lighting and possible façade embellishments.
The HFF debt placement team representing the borrower included senior managing director Travis Anderson and senior director Cory Fowler.
“We are excited to see Fallon’s business plan unfold as they are an excellent owner and developer with a thoughtful approach for this asset,” said Fowler. “Uniquely positioned adjacent to the Government Center, the property should benefit from increasing demand for office space in Uptown and surrounding areas.”
About The Fallon Company, LLC
Founded in 1993 and headquartered in Boston, The Fallon Company LLC is one the East Coast’s premier real estate investment and development companies. The Fallon Company’s diverse portfolio of notable commercial, residential and mixed-use projects continue to define skylines in major markets throughout the Northeast. In Boston, its signature project, Fan Pier, has served as a catalyst for waterfront growth. Fallon has also been an owner and developer of numerous other projects on Boston’s waterfront, including The Westin Boston Waterfront Hotel, Park Lane Seaport Apartments and the Renaissance Boston Waterfront Hotel. For more information about The Fallon Company, visit falloncompany.com.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $151.4 billion in assets as of June 30, 2017. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.