EJF Capital, North Signal Capital Close $75M to Build Warehouses near Port of Savannah
Arlington, VA-based EJF Capital, LLC and joint venture partner North Signal Capital, LLC have closed on a $75.1-million senior construction loan from Bank OZK to develop three Class A warehouses totaling a combined 1.3 million square feet at RiverPort Commerce Park in Hardeeville, SC.
RiverPort Commerce Park is 10 miles from the Port of Savannah in a Qualified Opportunity Zone.
Building 5 will be a 127,000 square-foot rear-load facility; Building 6, a 405,000 square-foot, single-load facility; and Building 7, a 791,000 square-foot cross-dock facility. All are expected to be completed at the end of 2023 and all include warm-shell features such as speculative offices, dock packages and motion-sensor LED lighting.
To date, the venture between EJF Capital, LLC, an alternative asset management firm, and North Signal Capital, LLC, a real estate investment and development company, has completed and fully leased four distribution warehouses at RiverPort Commerce Park totaling 1.3 million square feet and serving nine tenants.