CIT Provides $40M Financing for Baltimore Industrial Facility
An affiliate of Clarion Partners has landed a $39.6 million loan for the acquisition and development of Southside Logistics Center, an industrial facility in Baltimore, Md., Commercial Observer has learned.
CIT, which recently merged with First Citizens Bank, provided the loan.
“Clarion has built a strong portfolio of industrial properties across the country,” said Chris Niederpruem, managing director and group head of CIT’s real estate finance business. “We were pleased to arrange the financing for the acquisition and development of this facility and look forward to opportunities to support their future investments.”
Southside Logistics Center is a two-building, Class A industrial facility comprising more than 483,000 square feet. The two buildings are currently under construction, with one building expected to be complete in May and the second building in August, according to a release from CIT.
“Southside Logistics Center is in a prime location that will only improve as the Port of Baltimore continues to perform well amid ongoing demand for shipping transport,” Sean O’Connor, a senior vice president at Clarion Partners, said in prepared remarks. “We appreciate CIT’s expertise and agility in arranging financing for this strategic acquisition.”
Emily Fu can be reached at efu@commercialobserver.com.
