Commercial Real Estate Direct Staff Report
Torchlight Investors has provided $159.2 million of financing to facilitate Dilweg Cos.' $115.5 million purchase and stabilization of the First Citizens Bank Plaza in Charlotte, N.C., and Sarasota City Center in Sarasota, Fla.
As reported, Dilweg, of Durham, N.C., bought the two properties from Osprey Investment Co., which had offered them through HFF. The brokerage also arranged the loan from Torchlight.
The Charlotte building, with 476,987 square feet of office space at 128 South Tryon St., is less than 30 percent occupied, while the Sarasota building, with 249,054 sf at 1819 Main St., is 88 percent leased.
Torchlight's financing, which is structured with senior and mezzanine components with terms of up to five years, was designed to allow Dilweg to fund its purchase. The entire sum wasn't funded at closing. Instead, portions of the loan will be funded as...
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