Ferncroft Capital has closed a $23.9 million bridge loan through New York-based credit asset manager Terra Capital Partners on an Uptown Charlotte property.

According to a release Monday, the property — off South Tryon Street facing South Church Street at West Martin Luther King, Jr. Boulevard — includes a 65,000 square foot office building and a parking deck with over 220 spaces.

“This transaction underscores Terra’s success in identifying well-positioned assets in markets with strong fundamentals,” says Dan Cooperman, chief originations officer of Terra. “As a result of this bridge loan, Ferncroft Capital will have the capital necessary to support their plans for the property and capture its full value potential.”

A bridge loan is a gap financing agreement meant to cover a property after purchase but before the owner secures permanent financing; interest rates for bridge loans are typically higher than permanent loans given the former’s shorter maturity.

“The positive market dynamics,” says Travis Anderson, senior managing director at loan broker Holliday Fenoglio Fowler LP, “such as the substantial employment growth and [metropolitan statistical area] demographics, which outpace the country as a whole, embody the exciting opportunities in the Charlotte market.”