Capital Development Secures $23M for Charleston Industrial Project
Capital Development Partners has been okayed for a $23 million construction loan for a 39-acre industrial park in Summerville, near Charleston. 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. An IPA team led by Todd McNeill and Sunny Sajnani arranged the financing.
“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 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.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.