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Glenstar Properties Secures $38.2M Construction Loan From CrossHarbor Capital Partners For Cherokee Commerce Center 85

Property Image
FINANCED
$38,200,000

South Carolina

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Industrial3,600,000 SF
Financed 09/14/2023
the dealplayerscompscontact
Property Image
FINANCED

Glenstar Properties Secures $38.2M Construction Loan From CrossHarbor Capital Partners For Cherokee Commerce Center 85

Industrial3,600,000 SF
Financed 09/14/2023
the dealplayerscompscontact
Contact now

Summary

Asset Type:Industrial
Price Per Square Foot:$10
Total Square Footage:3,600,000 SF
Transaction Type:Loan

Glenstar Properties has secured $38.2 million in construction financing from CrossHarbor Capital Partners for the first phase of the Cherokee Commerce Center 85 in Gaffney, South Carolina. The industrial park spans 3.6 million square feet and is located at Interstate 85 and Highway 105 in Gaffney, SC.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $38,200,000
  • Address: Interstate 85 and Highway 105, Gaffney, SC
  • Market: Gaffney, SC
  • Landlord: Glenstar Properties - Brian Netzky
  • Lender: CrossHarbor Capital Partners

Glenstar Properties, led by Brian Netzky, has secured a construction loan of $38.2 million from CrossHarbor Capital Partners for the first phase of Cherokee Commerce Center 85. The funding will support the development of the 3.6 million-square-foot industrial park in Gaffney, South Carolina. The loan will enable Glenstar Properties to proceed with the construction of the Cherokee Commerce Center, further expanding the industrial real estate market in the Gaffney area.

Players

CrossHarbor Capital Partners
CrossHarbor Capital Partners
LENDER
GP
Glenstar Properties
LANDLORD

Details

FINANCED
IMAGE: Brian Netzky DATE: 09/14/2023 ADDRESS: Interstate 85 and Highway 105 MARKET: Gaffney, SC ASSET TYPE: Industrial ~ SF: 3,600,000 LENDER: CrossHarbor Capital Partners LANDLORD: Glenstar Properties - Brian Netzky LOAN AMOUNT: $38,200,000 LOAN TYPE: Construction NOTE: Glenstar Properties has secured $38.2 million in construction financing from CrossHarbor Capital Partners for the first phase of the Cherokee Commerce Center 85 in Gaffney, South Carolina, a 3.6 million-square-foot industrial park.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$38,200,000.00

Monthly NOI$254,666.67
Monthly Debt Service$241,449.98
Change in Cash Flow$0.00
Refinance Proceeds$0.00