Tim Bishop Of Iconic Equities Secures $16.2M Construction Loan From CIBC For Industrial Asset In Pineville
10203 Pineville Distribution Street
$16,200,000
$85/SF
Building Size
190,000 SF
Asset Type
Industrial
Closing
Sep 3, 2025
AI
The property asset involved is an industrial facility located at 10203 Pineville Distribution Street in Pineville, NC. The asset encompasses a total square footage of 190,000 and is associated with a construction loan amounting to $16,200,000.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $16,200,000
- Loan Type: Construction
- Loan Terms: 3 years
- Lender: CIBC
- Landlord: Tim Bishop - Iconic Equities
Key individuals in this transaction include Tim Bishop, representing Iconic Equities as the landlord and involved in orchestrating the deal. CIBC serves as the lending institution providing the financial backing for this construction loan.
Players
Pineville Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.98%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93