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Lower South End Industrial

Lower South End Industrial

$16,900,000 Acquisition Financing

Charlotte, NC | December 2021

Thorofare Capital has funded a $16,900,000 bridge loan to finance the acquisition of Lower South End Industrial, which is in the Lower South End (“LoSo”) submarket of Charlotte along the LYNX Blue Line.

Built in various phases between 1971 and 1998, the collateral is a 171,498 SF industrial-warehouse-distribution compound, including five buildings situated on a 12.50-acre site. In addition, there are 108 auto parking spaces and 33 trailer stalls located on-site.

Upon acquisition, the sponsor’s primary business plan is to secure entitlements for up to 650 apartment units and redevelop the site, which is currently zoned I-2 general industrial zoning district.

The 1971-built and 1998-built properties were 52.5%-occupied at loan origination. The interest-only loan carries an initial loan term of 15 months, includes extension options subject to performance tests and provides prepayment flexibility.

Locally based in Charlotte, the sponsor is a real estate investment firm focused on self-storage and multifamily sector targeting value-add acquisitions as well as development opportunities throughout the Southeast.

Their multifamily portfolio spans 15 properties across North Carolina, South Carolina, Virginia, and Florida.

Their self-storage portfolio spans 75 properties totaling 2.0MM square feet and over 17,000 units across North Carolina, South Carolina, Virginia, Florida, Georgia, Tennessee, Kentucky, and Massachusetts.