Charleston, S.C. (August 20, 2018) – Berkadia arranged a $10.75 million refinance loan for Atlas Commerce Center, two new Class A, 67,500-square-foot warehouses located in North Charleston, South Carolina. Managing Director Charles Foschini and Director Christopher Apone of Berkadia’s South Florida office secured the loan on behalf of Atlas Capital Group, Inc.
Atlas Commerce Center is located in the prestigious Palmetto Commerce Park, a Class A industrial park whose tenants include Boeing, Daimler Vans Manufacturing, and others. Atlas is the first project in the Charleston market to cater to smaller and larger users, as well as users who require flex-space with more parking and office space. Atlas Commerce Center is currently 95 percent leased, with a roster of quality tenants including Safran Labinal, Belimed Infection Control, Emser Tile, Feyen Zylstra, Carrier Enterprise, and more.
Lincoln Financial Group provided the 20-year, fixed-rate loan with one year interest only followed by a 30-year amortization. The refinancing will be used to pay off the first mortgage and construction loan.
“We are at a unique time in the capital markets,” said Foschini. “The flattening of the yield curve has created the opportunity for borrowers to borrow for the long term at a level of pricing usually reserved for five- to 10-year balloon transactions. More and more, our high net worth clients that hold core generational assets are using the opportunity to lower their cost of capital now and for the next generation of their family. We had a very competitive process for this loan and were fortunate to unfold several life companies with the same objective and priced a 20-year loan at an almost identical spread to 10-year capital.”
Located at 8351 Palmetto Commerce Parkway, Atlas Commerce Center comprises two recently built multi-tenant warehouses with bay sizes that are divisible from 7,500 to 67,500 square feet. Builders offer 50-foot by 50-foot column spacing, and 30-foot to 36-foot clear ceilings. There are 27 dock doors per building, and 120 auto spaces per building, along with a 200-foot truck courtyard. The property is conveniently located minutes from I-26, and next to the newly opened Weber Dr., which provides more direct access to I-26 and the Port of Charleston and Charleston International Airport.