Blue Air 2010, a Boston-based hedge fund, acquired the EpiCentre’s $93.9 million debt in November 2010 from Regions Financial Corp. EpiCentre's original developers, Afshin Ghazi and George Cornelson III, went into Chapter 11 bankruptcy to avoid foreclosure. The project's unsecured creditors could have lost most of their claims but will now be paid in full, according to the the reorganization plan approved by the court.
The deal includes:
- 302,000-sqft entertainment complex
- anchor tenant EpiCentre Theaters
- rights to parking deck revenue from 400 parking spots
- the development rights for a condominium project on the building’s rooftop
- The leases are being assumed and continuing relationship
The popular complex is located on the site of the former convention center at College and East Trade streets in uptown Charlotte.
