IPA Capital Markets Arranges $23 Million Nonrecourse Construction Loan for Industrial Asset in Charleston MSA
January 12, 2024
SUMMERVILLE, S.C., Jan. 12, 2024 – IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), specializing in capital markets services for major private and institutional clients, has arranged $23 million in construction financing for a 39-acre industrial facility in Summerville, South Carolina. The financing was secured by IPA’s Todd McNeill and Sunny Sajnani, executive managing directors based in IPA’s Dallas office.
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.
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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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.