Ready Capital Provides $22.6M Refinance Loan for Mixed-Use Redevelopment in Charlotte

CHARLOTTE, N.C. — Ready Capital has provided a $22.6 million loan for General Assembly, a redevelopment of the longtime home of City North Business Center in Charlotte. The non-recourse, floating rate loan features a 48-month term, one extension option, 36-months of interest only and flexible pre-payment. The site is situated on 8.1 acres in the NoDa-North End submarket of Charlotte and was the longtime home of City North Business Center which was originally built in the 1930s. The borrower, Artesia Real Estate, plans to redevelop the site to include 100,000 square feet of office space and 24,000 square feet of retail and brewery space. The project is slated for completion in late 2020. In addition to the redevelopment, loan proceeds are being used to refinance the acquisition loan. Doug Opalka, Robert Wooten and Cory Fowler of HFF arranged the loan on behalf of the borrower.