Waterloo Partners and ICM Asset Management, with the assistance of its capital advisor, Patterson Real Estate Advisory Group, successfully secured a construction financing loan for River Park 10, a 825,000 SF, Class A speculative industrial development in Jackson, GA.
The construction loan was a syndication of Trustmark National Bank and Coastal State Bank, while the joint venture equity was provided by Sweid & Sweid.
The project is located in the rapidly densifying I-75 South corridor, with direct access to both Atlanta and Savannah. The property marks the second project Waterloo and ICM will jointly develop in the River Park E-Commerce Center master development. The sponsor delivered River Park 6, a 725,000 SF industrial development, in Q4 2023 and has experienced positive leasing interest.
As one of the most sought-after industrial submarkets in Atlanta, the I-75 South corridor strategically places the property within a same-day round-trip drive of two critical supply chain nodes in Atlanta and Savannah. Å
“We love the dynamics of the Atlanta industrial market, especially the I-75 South åAcorridor, which has become one of the hottest industrial submarkets in the city” said Spencer Patton, Partner and Managing Director of ICM USA. “River Park’s location along I-75 South allows the property to benefit from Atlanta’s population centers, skilled labor, and infrastructure while also being an extension to the Port of Savannah, which has become the fastest growing port in the nation.”
The Sponsor closed on River Park 10 in September 2023 and plans to commence vertical construction immediately as they have already completed sitework.
“Closing a transaction of any scale is difficult in the current capital environment,” said Bill Mealor, Managing Director and Partner at Patterson Real Estate Advisory. “Closing a bulk, speculative industrial deal like River Park 10 is a testament to the durability and fundamentals of the location, the creativity of the capital partners, and the strength of the development team. We are confident that this project will be another success for the sponsors.”
Upon delivery in Q3 2024, River Park 10 will represent a highly attractive option for logistics- and distribution-focused tenants.
“With limited construction starts in 2023, we anticipate supply constraints in the market when River Park 10 delivers in 2024, likely being one of only a few options for industrial buildings of this size,” said Brad Jancik, Principal at Waterloo Partners. “We like the competitive positioning and anticipate seeing continued rent growth.”
About Waterloo Partners
Waterloo Partners is a private, closely-held, and well-capitalized real estate investment firm based in Atlanta, Georgia. The firm specializes in the development, acquisition, operation, and disposition of industrial assets located in Atlanta and the rest of the Southeast. Waterloo’s development capabilities are focused on the construction of Class A, institutional quality distribution warehouses. Brad Jancik founded Waterloo following a successful 15-year career as a leasing and sales broker where he conducted more than $1.7 billion of commercial real estate transactions. The firm works closely with its team of local, experienced partners that offer expertise in general contracting, construction management, design, leasing, and financing.
About ICM Asset Management
ICM Asset Management is a registered Investment Fund Manager and Portfolio Manager, founded in 2003 to preserve and grow the wealth of retail, private client, and institutional investors looking to diversify their portfolios through alternative asset classes. Today, ICM manages more than $1.6 billion of assets and offers an array of investment opportunities focused on real estate, private equity / venture capital, and alternative income strategies. The firm is headquartered in Calgary, Canada and has offices in Atlanta, Munich, and Mexico City. ICM Investment Management, a wholly owned subsidiary of the firm, is a registered investment fund manager (IFM) and portfolio manager (PM) with provincial securities regulators across Canada. The firm’s success hinges on their unwavering commitment to three principles that underpin their investment philosophy: Value, Discipline, and Results. ICM’s adherence to these principles has allowed the group to generate exceptional investment returns for clients and a strong track record of achieving their goals. For more information go to https://www.icmassetmanagement.com/
About Sweid & Sweid
Founded in 2006, Sweid & Sweid is an award-winning Dubai-based boutique real estate firm targeting niche development, investment, and build-to-suit opportunities. At its core lies the drive to defy market standards and to redefine the development process – a focus that continues to produce exceptional results. Sweid & Sweid will develop and invest in residential, commercial, and retail assets. For more information go to https://sweidandsweid.com/
About Trustmark National Bank
Trustmark originated in Jackson, MS in 1889. Trustmark has since transformed into a multi-disciplinary corporation that offers regional banking, wealth management, and capital markets services to their customers. Through subsidiaries, including Trustmark National Bank, Trustmark Investment Advisors, Inc., and Fisher Brown Bottrell Insurance, Inc., the company has been serving families, businesses, and communities for over 130 years. The bank has over 180 locations and has a total of $2.5 billion in total assets. For more information go to https://www.trustmark.com/
About Coastal States Bank
Coastal States Bank was founded in 2004 in Hilton Head Island, South Carolina as Beaufort County’s only locally owned bank. The bank now has branches in Hilton Head, Bluffton, Savannah, Atlanta, Cumming, and Dawsonville. Coastal States Bank offers a variety of financial resources for clients including commercial, consumer, and mortgage banking products and services. For more information go to https://www.coastalstatesbank.com/
About Patterson
Patterson Real Estate Advisory Group is a capital placement and real estate finance advisory firm that represents owners, developers and investors seeking capital to leverage commercial real estate opportunities. Patterson arranges construction, bridge, mezzanine, and permanent financing while also coordinating equity and joint venture formations along with general finance advisory work. The primary focus is helping clients across different property types access investors at a variety of different levels of the capital stack, matching the specific need with the appropriate capital provider. Patterson has office locations in Atlanta, Charleston, Charlotte, Dallas, Nashville, and Tampa. For more information, please contact Suzanne Holman at 404-504-6682 / sholman@pattersonreag.com or go to www. pattersonreag.com.
