Interstate Center II, located 20 miles from the Port of Savannahat Interstate 16 and US 280, will be part of a planned portlogistics center that will occupy more than 500 acres. The initialcross-dock warehouse will take up 54.5 acres at the site.

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The JV partners are investing approximately $8.1 million equityinto the Savannah project announced Thursday, along with $15million financing from third-party debt. J. Brad Smith, principalof both the TPA and Resource segments, says demand for industrialspace in the Savannah market is projected at up to three million sfper year.

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Washington, DC-based Perseus manages PRP II, which is expectedto deliver $800 million in purchasing power over the next 12 to 18months and is focused on value-add opportunities in middle marketsacross all commercial real estate asset classes. GlobeSt.comreported inApril that Loren Balsam, a 17-year industry veteran, was hiredas the fund's managing director.

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"Debt financing was provided enthusiastically in recognition ofboth the strength of PRP II's investment strategy and the vision weshare for Interstate Center II with our esteemed joint venturepartners," Paul Dougherty, Perseus president, stated in a release.He pointed out the fund's ability to access debt capital eventhough the broader real estate sector continues to be bogged downby difficult lending conditions.

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In late June, PRP II completed its first deal in a JV withHathaway Properties Inc. for Ansley at Princeton Lakes, a 306-unitapartment complex in Atlanta capitalized at approximately $30million. A third deal is pending and will be announced next month,a Perseus spokeswoman said.

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