Square Mile originates $184m loan for North Carolina office build

The manager is bullish about the sector, despite market headwinds.  

New York-based Square Mile Capital Management has originated a $184 million loan to facilitate the construction of a class A office building in Charlotte, North Carolina in partnership with Goldman Sachs Asset Management .  

Despite broader market headwinds in the office sector, the manager is bullish on this property type, especially in growth markets such as Charlotte, said Eric Cohen, principal.

The construction financing, arranged by JLL, has gone to a partnership between the real estate business within Goldman Sachs, and Lincoln Harris, a Charlotte, North Carolina-based real estate firm.  

The property, South Tryon, is a planned 410,000 square foot office building featuring meeting rooms, terraces and a fitness center. It will form the fourth phase of a joint venture project called the Legacy Union, which has previously involved developing the Bank of America Tower, Honeywell’s HQ, and SIX50 – totaling 1.5 million square feet of office space.  

“We expect this asset to be a great complement to the partnership’s prior success at Legacy Union and we are excited to be a part of this piece of the broader development,” said Cohen.