14th Apr, 2011

Ballantyne Village in South Charlotte NC Restructures It’s Financial Debt

Ballantyne Village in South Charlotte NC Restructures It’s Financial Debt

The owner of Ballantyne Village in Ballantyne NC Real Estate has effectively restructured its bank loan financial debt, eliminating a cloud of doubt coming from the South Charlotte NC retail complex in Mecklenburg County.

As of the middle March, 2011, BV Retail, the LLC who is the present owner of Ballantyne Village, had restructured its financial debt, a step which allows for the financing of completely new leases, renter upfits and rental commissions, as outlined by a press release.

Bob Bruner, manager of BV Retail, stated that he was very excited about the recent mortgage restructuring and that the measure enables Ballantyne Village to carry on building upon the special character of the shopping mall that partners restaurants, entertainment, boutique shopping and business office space (which includes health care and executive offices) in a “village-style” environment that has been completely unique to the Charlotte NC market place.

Ballantyne Village is situated along the intersection of U.S. Highway 521 and Ballantyne Commons Parkway and is made up of 140,000 sq ft of retail store space and 25,000 sq ft of business office space. The ‘development’ is zoned for a 150-room resort along with a 100,000-square-foot business office tower. It launched in 2006 and is well-known for the crown on top of the Ballantyne Village Theatre.

This past year, the lending company to Ballantyne Village began the real estate foreclosure process against the premises, saying BV Retail was very delinquent on what exactly was initially a $50 million loan. At the time, Bruner stated his company was carrying on to negotiate, and a planned property foreclosure public sale had been delayed numerous instances prior to getting canceled, without having a brand new date, late last year.

Wendy Richards, Charlotte NC and Ballantyne NC REALTOR®

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