BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured $40,300,000 in construction financing to build Carolina Business Park, a 3 building, 483,300 square foot, Class A commerce/industrial park in Mount Pleasant, SC, part of the Charleston metropolitan area.
Thomas Wiedeman, senior vice president, and Alan Tapie, executive vice president, both in BWE’s Atlanta office, originated the loan, which features a 60% loan-to-cost ratio, from a correspondent life insurance company on behalf of Cameron Property Company.
“Despite the lack of liquidity for construction loans right now, we leveraged our relationship with an insurance company with whom BWE has a servicing relationship to secure an attractive loan for our client on this 100% spec property,” said Wiedeman. “We look forward to working with more clients like Cameron Property Company to bring high-quality industrial developments to strategic locations across the Southeast.”
Situated on 60 acres of land, the industrial property will consist of three rear-load buildings with clear heights between 32 and 36 feet. The buildings are also designed with attractive facades so that they can seamlessly blend into the surrounding community.