Nov 9, 2023


Articles & Insights

Waterloo Partners and ICM Asset Management Close Construction Financing on River Park 10 in Jackson, GA Patterson Arranges Construction Debt and JV Equity Financing

Atlanta, Georgia (November 2023) – 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. Waterloo and ICM 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. “We love the dynamics of the Atlanta industrial market, especially the I-75 South corridor, which has become one of the hottest industrial submarkets in the city” said Spencer Patton, Partner and Managing Director USA of ICM Asset Management. “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.”

Waterloo and ICM 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.”

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.

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