BridgeInvest Finances $40 MM Construction Loan for Charlotte’s First Food Hall at Optimist Hall
1st Priority Mortgage Loan
BridgeInvest recently closed a $40 MM construction loan for the adaptive reuse of a mixed-use development located in the Optimist Park neighborhood of Charlotte. The former Highland Park Mill will be redeveloped into a 140,000 SF property consisting of 80,000 SF of office space, to be occupied by Duke Energy, and the city’s first large scale food hall. Optimist Hall will consist of over 20 food stall operators and additional traditional retailers including Undercurrent Coffee, Fonta Flora Brewery and Aix Rotisserie. “We were happy to close our second loan with a high-quality sponsor like Paces Properties on what we believe will be a landmark development in Charlotte,” says Alex Horn, Managing Partner of BridgeInvest.
Transaction Highlights
Adaptive Reuse Project
The redevelopment of Optimist Hall will bring to life a local landmark originally built in the 1890’s as a textile factory. The project aims to be a catalyst for the redevelopment of the Optimist Park neighborhood as the Blue Line light rail opens the Parkwood Station just steps from the property.
Historic Tax Credits
Along with BridgeInvest’s construction loan, the project is supported by tax credits provided by both federal and state government to support the renovation of the historic asset.
Repeat Borrower
This loan marks the second transaction between BridgeInvest and Paces Properties. Paces reached out directly to the lender due to BridgeInvest’s ability to underwrite and structure complex construction loans on unique assets.
Quick Closing
BridgeInvest was able to fund the loan in 6 business days to assist the borrower in continuing their swift construction progress.
