$80 million financing secured for McCraney’s newly-constructed Main Gate industrial park in Savannah, Georgia

MIAMI, Nov. 30, 2023 –  JLL Capital Markets announced today that it arranged financing for Main Gate Logistics, a newly delivered, Class A industrial park totalling 1.27 million square feet in Savannah, Georgia.

JLL worked on behalf of the borrower, McCraney Property Company, to secure the $80 million senior loan which featured an A-B note structure. McCraney CEO Steven McCraney shared, “We are pleased with the execution of Melissa Rose and the JLL Team. As the markets were tightening, they provided a great result.”

The project was developed in two phases. Phase I was comprised of two fully leased, Class A distribution centers with 32- and 36-foot clear heights. Phase II was comprised of two recently completed rear-load, Class A distribution centers with 32-foot clear heights. Phase II delivered into an industrial market that is among the strongest nationwide, featuring 4.7% vacancy, 21% rent growth since 2021, and over 10.4 million square feet of net absorption year-to-date.

The property is situated on an infill, core location approximately eight miles from the Georgia Port Authority, the largest single-container facility of its kind in North America and the fastest-growing and second busiest port in the nation.

McCraney Property Company (MPC) has established a long-term dedication to Savannah and is among the most prominent developers in this market. MPC has developed another two-building industrial asset in Savannah (95 Logistics at Pooler Parkway) and is currently underway on a multi-phase project totalling over 4.5 million square feet (Logistics 16 at Ottawa Farms). Phase I of Logistics 16 is actively leasing and consists of three buildings totalling over 1 million square feet. MPC’s established presence and interest in the Savannah market has allowed the firm to create strong local relationships across contracting, leasing and tenant outreach, benefitting the business plan for MPC’s projects and local community alike.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Melissa Rose, Director Michael DiCosimo and Analyst Mateo Bolivar.

“We are thankful to the McCraney Property Company for entrusting us with a challenging off-construction refinance assignment in the current capital markets environment. The success of this financing was driven by the resilient demand for cash-flowing industrial assets and our lender’s ability to accept creative structuring around the active lease-up potential of the asset,” said Rose.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.