IPA Capital Markets Arranges $23 Million Nonrecourse Construction Loan for Industrial Asset in Charleston MSA
The development project is led by Atlanta-based Capital Development Partners, a national developer of industrial real estate focusing on U.S. port markets. The site is well located with access to interstates 26 and 526, a 20-minute drive from the North Charleston Terminal. The property will be occupied by Boasso Global, a leading provider of cleaning, maintenance, storage and transportation services for the tank trailer and container industry worldwide.
“This was an excellent opportunity for Capital Development Partners to facilitate a build-to-suit in the dynamic port market of Charleston,” said McNeill. “CDP did a great job in finding a Class A location for the tenant to locate their business and fulfill their needs.”
The 65% levered, three-year construction loan will provide funds to complete the horizontal and vertical construction of the project. Southern States Bank, a full-service community banking institution based in Anniston, Alabama, operated as the construction lender for the transaction.
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