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Washington DC & Mid-Atlantic  + Maryland  + Industrial  |  June 9, 2023
Emily Fu
By: Emily Fu

$275M Construction Financing, JV Equity Raised for Nat’l Capital Business Park

Turnbridge Equities and its co-development partner, Manekin LLC, have successfully completed the capitalization of Phase I of the National Capital Business Park (NCBP) in Prince George’s County, Maryland. The transaction involved approximately $275 million of construction financing and joint venture equity for the development of five Class A industrial warehouse buildings spanning 1.3 million square feet.  

The construction loan of $165 million was provided by an affiliate of Apollo Global Management, while a joint venture of the Qatar Investment Authority (QIA) and PCCP, LLC contributed approximately $110 million of equity. Upon completion of Phase I, NCBP will encompass up to 3.5 million square feet of Class A industrial space, a community park, and the preservation of natural areas.  

Cushman & Wakefield represented the developer in the transaction with a team led by John Alascio, TJ Sullivan, Meredith Donovan and Mitch Rothstein.  

Read More News Stories About: Cushman & Wakefield
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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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