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.”