www.marejournal.com F inancial D igest F eaturing M ultiFaMily F inancing NYC-based retail operator in partnership with a CA-based firm acquires property CronheimMortgage secures loan for the acquisition & lease-up/repositioning of Ballantyne Village B AllANtyNE, CHAR- lOttE, NC — Cron- heim Mortgage se- M id A tlAntic Real Estate Journal — August 11 - 24, 2017 — 5A

cured a non-recourse bridge loan for the acquisition and lease-up/repositioning of Bal- lantyne Village, located at the corner of Ballantyne Commons 3arNwa\ and -ohnston 5d. in Ballantyne, Charlotte. The client, a NYC-based retail operator in partnership with a California-based insti- tutional capital management firm, acquired the propert\ with a value-add investment strategy. Located at one of the four corners of the Monuments at Ballantyne, Ballantyne Village is an entertainment, dining and service-focused retail cen- ter that serves the Ballantyne Corporate 3arN complex across the street and the affluent surrounding residential popu- lation. Ballantyne Corporate 3arN, which is comprised of 400 6) of class A office space plus four hotels and the Bal- lantyne Golf Club, recently sold for .%, the largest real estate transaction in Charlotte history. n VERNON, Ct — T he Col- liers Philadelphia Capital Markets team led by John Banas and Kris Wood ar- ranged 3. million in financ- ing for the refinance of 9ernon *ardens, a 5unit apartment community. The property consists of ten buildings, built in 65, situ- ated on 3 landscaped acres. The property is currently sta- bili]ed at % occupanc\. 7he team secured a 5\ear fixed rate loan with a 5\ear reset. “This was an opportu- nity to capitalize on the value created in the property by our client,” said Banas. “We had arranged the original acquisi- tion financing for the propert\ over three years ago, and the new financing completes part of our client’s original business plan,” added Wood. n

Ballantyne Village Colliers International’s Banas & Wood arranges $13.7m in financing for 52-unit apartment community

Vernon Gardens

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