Southern States Banks Lends $23M on Charleston Industrial Project’s Construction
Capital Development Partners will build an industrial facility over 39 acres in South Carolina
By Brian Pascus January 18, 2024 1:43 pm
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Capital Development Partners, an Atlanta-based real estate firm that specializes in industrial properties near port cities, has secured $23 million in construction financing to build a 39-acre industrial facility in Summerville, S.C., a city just outside Charleston.
Southern States Bank provided the three-year, nonrecourse construction loan, which is 65 percent loan-to-cost and will fund both horizontal and vertical construction of the facility. An IPA Capital Markets team of Todd McNeill and Sunny Sajnani arranged the financing on behalf of the sponsor
IPA Capital Markets is a division within brokerage Marcus & Millichap (MMI).
In a statement, IPA’s McNeill raved about the industrial property’s market fundamentals within the busy Charleston metropolitan statistical area.
“This was an excellent opportunity for Capital Development Partners to facilitate a build-to-suit in the dynamic port market of Charleston,” said McNeill. “[Capital Development Partners] did a great job in finding a Class A location for the tenant to locate their business and fulfill their needs.”
The property sits close to both Interstate 26 and Interstate 526, major highways connecting the site to the busy North Charleston Terminal only 20 minutes away.
Even though the property is under construction, Boasso Global, a nationwide provider of container industry and tank trailer maintenance, is slated to occupy the entire property upon delivery.
Brian Pascus can be reached at bpascus@commercialobserver.com
