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Portman Industrial Secures $29M Construction Loan For Silver City Business Park

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FINANCED
$29,000,000

Massachusetts

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Industrial1,100,000 SF
Financed 01/31/2024
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Property Image
FINANCED

Portman Industrial Secures $29M Construction Loan For Silver City Business Park

Industrial1,100,000 SF
Financed 01/31/2024
the dealplayerscompscontact
Contact now

Summary

Asset Type:Industrial
Price Per Square Foot:$26
Total Square Footage:1,100,000 SF
Transaction Type:Loan

Atlanta-based Portman Industrial has secured $29 million in construction financing from BMO Harris Bank for the first phase of Silver City Business Park. The industrial business park, located at the intersection of Route 24 and Route 140 in Taunton, Massachusetts, spans a total of 1.1 million square feet.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $29,000,000
  • Address: Route 24 & Route 140, Taunton, MA
  • Market: Taunton
  • Landlord: John Gaskin - Portman Industrial
  • Lender: BMO Harris Bank
  • Loan Type: Construction
  • Loan Terms: Three-year loan

Portman Industrial, led by John Gaskin, is developing Silver City Business Park in Taunton. With the $29 million construction financing provided by BMO Harris Bank, they are moving forward with the first phase of the industrial business park. Portman Industrial aims to create a state-of-the-art facility that meets the needs of businesses in the area.

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Details

FINANCED
IMAGE: John Gaskin DATE: 01/31/2024 ADDRESS: Route 24 & Route 140 MARKET: Taunton, MA ASSET TYPE: Industrial ~ SF: 1,100,000 LENDER: BMO Harris Bank LANDLORD: John Gaskin - Portman Industrial LOAN AMOUNT: $29,000,000 LOAN TYPE: Construction LOAN TERMS: three-year loan NOTE: Atlanta-based Portman Industrial has secured $29 million in construction financing for the first phase of Silver City Business Park, a 1.1-million-square-foot industrial business park in Taunton, Massachusetts.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$29,000,000.00

Monthly NOI$193,333.33
Monthly Debt Service$183,299.73
Change in Cash Flow$0.00
Refinance Proceeds$0.00