Truist Provides $84M Senior Financing Loan for Savannah Industrial Property

McCraney Property Company has secured $84 million in senior financing to close out the first phase of Logistics 16 at Ottawa Farms, a 1 million-square-foot industrial complex near Savannah, Ga., according to JLL Capital Markets. 

Truist Bank provided the three-year, floating-rate loan, while a JLL Capital Markets’ team of Melissa Rose, Michael DiCosimo and Nicole Barba arranged the financing for McCraney Property Company. 

In a statement, JLL’s Rose called Savannah “one of the nation’s premier industrial markets” and added that McCraney Property Company will likely use its experience as a developer and sponsor to “capitalize on the robust market fundamentals and deliver long-term value.”

The property sits roughly 16 miles away from the Georgia Port Authority, and is situated near the Jimmy Deloach Parkway, which provides access to Atlanta, Orlando, Fla. and Charlotte, N.C. 

Steven McCraney, president and CEO of McCraney Property, added in a statement of his own that “Absorption for this product has been strong, supported by the continued activity in the local Savannah market.”

Located at 610 Bloomingdale Road, the first phase of Logistics 16 at Ottawa Farms opened in 2024 with three industrial buildings. The total project is expected to span nine buildings, amounting to more than 4.4 million square feet. Phase 1 was able to secure more than 50 percent of its available space for rent during its construction, and the buildings are currently 85 percent leased. 

It is unclear when construction on Phase II of the project is set to begin. 

Brian Pascus can be reached at bpascus@commercialobserver.com.