Savannah Industrial project secures $62.83M in construction financing
JLL Capital Markets arranged financing for the development of Phase I of Logistics 16 at Ottawa Farms
ATLANTA - August 29, 2022 – JLL Capital Markets announced today that it has arranged $62.83 million in construction financing for the development of Phase I of Logistics 16 at Ottawa Farms, a three-building, Class A industrial facility totaling 1,007,800 square feet in Savannah, Georgia.
JLL worked on behalf of the borrower, McCraney Property Company, to secure the three-year construction financing.
The entire project will comprise nine buildings totaling over 4.5 million square feet of Class A industrial space. The first phase of the project consists of three front-load buildings and will feature 225 loading doors of various sizes, 185’ deep truck courts, 330 car spaces and 305 trailer spaces.
Phase I of Logistics 16 at Ottawa Farms is located on an 85.6-acre site at 702 Bloomingdale Road. The property has strong expressway access to the Port of Savannah, the Savannah/Hilton Head International Airport and Interstates 16 and 95. The site is within four-hours of major Southeast markets, including Atlanta, Orlando and Charlotte.
The Port of Savannah is a core economic driver in this market, with a record 5.76 million TEUs processed at the port in 2022, an 8% increase over 2021 figures. By 2030, the port is projected to have over 9 million TEUs of capacity driven by over $2.5 billion of public investment through the Georgia Ports Authority. This level of activity and investment will continue to cement this submarket as one of the strongest industrial clusters in the nation.
The JLL Capital Markets team representing the borrower was led by Managing Director Melissa Rose, Director Michael DiCosimo and Analyst Mateo Bolivar.
“It is a privilege to work on behalf of this best-in-class sponsor and execute on this compelling financing amidst significant market turbulence,” said Rose. “The industrial asset class and local market are among the strongest nationally. We are grateful to all those involved to bring this development financing to fruition.”
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.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About McCraney Property Company
McCraney Property Company (“MPC”) is a leading industrial owner and developer based in Orlando, FL. A multiple-time recipient of NAIOP’s Central Florida Developer of the Year Award, MPC has established itself as one of the top purveyors of high-finish industrial assets in the country. Their focus on core Southeastern markets, differentiated building design, transit connectivity and tasteful landscaping set their products apart in this highly active development sector. MPC currently has 17-million-square-feet of industrial projects in their pipeline.