Walker & Dunlop, Inc. announced today that it structured $14,300,000 in acquisition financing for 4100 South Stream, a Class A office building comprising four stories and 125,000 square feet in Charlotte, North Carolina. Since 1988, the property has been 100 percent occupied by AT&T, which utilizes the building as their primary regional headquarters.
Led by Mark Strauss and Rob Quarton, the Walker & Dunlop team structured a two-year, interest-only loan on behalf of the joint venture property owners and repeat-clients, Shopoff Realty Investments, L.P. and Praelium Commercial Real Estate. The financing allowed for the client to close the acquisition in a timely manner and expand their portfolios in the Southeast.
William A. Shopoff, CEO of Shopoff Realty Investments, stated, “Mark and Rob found us the right lender that understood the intrinsic value of the building. The loan provided us the ability to underwrite a two-prong business plan which works whether the existing tenant elects to stay in the asset or leave upon lease expiration.”
Scott San Filippo of Praelium stated, “The Walker & Dunlop team came through for us once again. They found a great lender in a short time frame that could accommodate the fast pace of the deal closing and provide favorable terms.”
Conveniently located along the Interstate-77 corridor, 4100 South Stream enjoys excellent connectivity to residential neighborhoods such as Myers Park, Dilworth, and Quail Hollow. It is less than ten minutes from Charlotte’s Douglas International Airport and the city’s downtown central business district. The property is situated on 9.14 acres and has ample parking on two separate lots.
“Thanks to its excellent location, strong initial debt yield coverage, and price per square foot, 4100 South Stream was very well-received by lenders.” commented Strauss. Quarton added, “This transaction represents an exceptional investment opportunity, with current predictable cash flow and potential for value-add, providing excellent collateral now and upon business plan execution.”
Walker & Dunlop is a leader in the commercial real estate finance space and has been included in Fortune Magazine’s Fastest-Growing Companies List for two consecutive years. The Fortune rankings are based on three-year growth in revenues, earnings per share, and total shareholder return. The rapid growth of the company’s brokered loan originations over the past several years contributes to this ranking; the company completed $8.6 billion in brokered loans with over 235 different capital providers in 2018, a 17 percent increase from 2017. To learn more about our broad range of financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine’s Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop’s 700+ professionals in 29 offices across the nation have an unyielding commitment to client satisfaction.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 27-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 27-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
About Praelium Commercial Real Estate
Praelium is led by industry veterans, Scott San Filippo and Michael Meyer, with a long track record of success through completing more than $3.0 billion in transactions and 10 million square feet of office, retail, industrial, and hospitality properties. The company invests in the greater western and southeastern United States. It prides itself on having expertise in leasing, entitlement and asset management to generate superior returns for its investors.