Foundry Commercial & MetLife Investment Management Secures $71M Construction Loan For Industrial Asset In Charlotte
7401 Steele Creek Road
$71,000,000
$78/SF
Building Size
902,325 SF
Asset Type
Industrial
Closing
Feb 28, 2025
AI
The asset involved in this transaction is an industrial property located at 7401 Steele Creek Road in Charlotte, NC, encompassing a total square footage of 902,325. The landlord of the property is a partnership between Foundry Commercial and MetLife Investment Management.
Summary of transation details:
- Property Type: Industrial
- Transaction Amount: $71,000,000
- Loan Type: Construction
- Loan Terms: 4+1 year floating rate construction loan
- Brokers: Melissa Rose & Jovi Rodriguez - JLL
The transaction involves key representatives in the real estate industry. The brokers, Melissa Rose and Jovi Rodriguez, are associated with JLL and played a significant role in this loan transaction.
Players
Charlotte Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93