440 South Church Street is a 15-story, “Class A” office building in Charlotte, NC, which opened its doors in December of 2009. National acted as the sole lender of $60 million of construction financing to a development syndicate made up of Novare Group, Trinity Capital Advisors and Buchanan Street Partners. The three-year mortgage was initiated at 75% loan-to-cost and included two one-year extension options.  The loan was paid off in full in October 2011.      

When the loan was repaid, the project was 54% leased to five major tenants. Most notably, 440 South Church was the only building delivered in downtown Charlotte in 2009.      

The office tower consists of 360,000 net rentable square feet and ground floor retail space totaling 7,000 net rentable square feet. National believes the building has a strong location (across from both Duke Energy’s HQ and Wachovia’s new HQ) making it an excellent addition to Charlotte, NC.   

Charlotte has been one of the fastest growing cities in America for the past decade, and its downtown has exhibited one of the nation’s highest office submarket growth rates.