Portman Holdings has secured financing for its $122 million office building at 615 S. College Ave. in Uptown Charlotte, Charlotte Business Journal reports.The financing includes equity from China Orient Summit Capital and debt from PCCP LLC.
The 371,000-sq. ft office building, with an official ground breaking scheduled for today (Friday, Aug. 14) will be constructed atop an existing parking garage, and upon completion in February 2017, the office tower will have an outdoor green space and direct access to the Lynx Blue Line.
Holder Construction is the general contractor. John Portman & Associates is providing architectural services, and Travis Garland of Portman Holdings is managing the leasing process, in conjunction with Trinity Partners.
The tower will be built atop the parking deck for The Westin Charlotte. Portman Holdings now expects construction to be complete in February 2017 instead of the fourth quarter of 2016.
China Orient Summit Capital is a joint venture of China Orient Asset Management Co. and China Summit Capital. PCCP has roughly $5.5 billion in assets under management and provides debt and equity to middle-market real estate projects throughout the U.S.