Simpson Thacher represented Northwood Investors LLC in connection with its acquisition of Ballantyne Corporate Park in Charlotte, North Carolina in a transaction valued in excess of $1 billion. Ballantyne Corporate Park contains more than 4.2 million square feet of space located in 35 Class A office buildings, four hotel properties, two retail properties, a golf course and undeveloped land.
Northwood financed its acquisition of the property through five separate loans with various banks and life insurance companies—three new loans totaling approximately $350 million and two assumed loans totaling approximately $345 million.
The acquisition is reportedly the largest single real estate transaction in North Carolina’s history.
The Simpson Thacher team for the transaction included Gregory Ressa, Steven Stickler, Danielle Jackson, Scott Farmer, Sarah Green, Kathryn Christoforatos and Jeffrey Herscott (Real Estate); Barrie Covit, Townshine Wu and Deborah Gruen (Private Funds); Jeanne Annarumma (Executive Compensation and Employee Benefits); and Marcy Geller and George Davis (Tax).