Rezul News/10329058

Torchlight Provides $159.2MM of Acquisition and Renovation Financing on a Class-A Office Portfolio

NEW YORK - April 13, 2017 - Rezul -- Torchlight Investors today announced that it has provided $159.2 million of senior and mezzanine debt financing for The Dilweg Companies' acquisition, renovation and lease-up of a two-property office portfolio located in Charlotte, North Carolina and Sarasota, Florida.

First Citizens Bank Plaza is a 476,078 square foot, 23-story office tower with unobstructed views of the surrounding skyline situated in the heart of Uptown Charlotte.  The building features onsite retail and amenities including two restaurants, a hair salon, a convenience store and a full service bank equipped with a 24-hour ATM. Conveniently located within one block of the property is a variety of dining options including Chima Brazilian Steakhouse, Dean and Deluca, McCormick & Schmick's, The Charlotte City Club and Morton's.  In addition, BB&T Ballpark, home to the Charlotte Knights baseball team, with its complementary retail and entertainment venues, and a wide variety of public transportation are all within walking distance of the property.
Sarasota City Center is a 249,096 square foot, two-tower office and retail property located in the Sarasota CBD.  Less than one mile from the Gulf of Mexico, the property offers scenic views of the Sarasota skyline, Sarasota Bay and the surrounding waterfront communities.  Occupied by Fortune 500 and multi-national credit tenants, building amenities include an on-site restaurant, full service bank, hair salon, dry cleaner, fitness center, outdoor courtyard and a six-story parking garage.  Additionally, the property is within walking distance of numerous retail shops and restaurants, Payne Park, and is less than 5 miles from Sarasota-Bradenton International Airport.

"The Charlotte and Sarasota metro areas continue to demonstrate substantial growth in terms of both industry and population which, along with their prime locations, position these properties very well to capture significant upside within their competitive sets. There is an opportunity for The Dilweg Companies to create value through the thoughtful renovation and lease-up of both of these properties and we are looking forward to working with them," said Mike Butz, Acquisitions Partner.

About Torchlight

Torchlight Investors is an independent investment advisor, focused on commercial real estate investments.  Since its inception in 1995, Torchlight has acquired over $20 billion in public and private commercial real estate investments. Torchlight has over $4.0 billion of assets under management. Torchlight's affiliate, Torchlight Loan Services, is the named special servicer on $16.1 billion in CMBS and manages over $907 million of distressed commercial real estate loans.

About The Dilweg Companies

The Dilweg Companies is a full-service commercial real estate investment firm based in Durham, North Carolina. Since its launch in 1999, Dilweg has gained broad experience in the acquisition, development and operation of office, retail, warehouse/flex, multifamily and self-storage properties. Dilweg's investors have sponsored over $1 billion in assets and more than 9.6 million square feet throughout North Carolina, South Carolina, Virginia and Georgia.

Jennifer Yuen

Source: Torchlight Investors

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