EJF Capital LLC and North Signal Capital LLC have secured $115 million to refinance a few buildings for their industrial development in the Greater Savannah area.
Provided by Synovus and City National Bank, the financing will support three pieces of infrastructure in the project known as RiverPort Commerce Park, which is located in Hardeeville, South Carolina. This applies to RiverPort Buildings 5, 6 and 7, accounting for a total of 1.32 million square feet of Class A industrial space.
Currently, the portfolio is 87 percent leased to a wide range of tenants, including those involved in logistics, security systems and consumer products.
The two asset managers said in a statement that the refinancing will support their expansion efforts in Greater Savannah — a market they refer to as "one of the nation’s most dynamic logistics hubs."
In fact, JLL, which brokered the deal, said that Savannah currently serves as the top market for industrial in terms of demand.
“We are pleased to complete this refinancing, which underscores the institutional demand for high quality industrial assets in the Savannah market,” Asheel Shah, head of real estate development at EJF, said in a statement.
“RiverPort is a prime example of the opportunities our real estate platform seeks to develop that align with long-term secular growth trends and deliver value for our investors.”
The portfolio accounts for 30 percent of the full 10-building project, which is expected to span roughly 4.5 million square feet upon completion. RiverPort is 4.5 miles away from Interstate 95 and just 9.5 miles from the Georgia Ports Authority container terminal.
While economic uncertainty and current trade policy present challenges to the industrial sector as a whole, John Morris of CBRE, in a recent webinar, noted that leasing in the mid-size range (50,000 square feet to 100,000 square feet) remains robust. However, he did warn that he forecasts some slower growth for the rest of this year and into the first half of 2026.
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