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INDUS Realty Trust secures $36.1M construction loan for Tennessee logistics hub
The financing covers the first phase of a 507,000-square-foot speculative facility in Lebanon, Tenn., with construction set to begin immediately.
INDUS Realty Trust has received $36.1 million in construction financing for the first phase of INDUS Commerce Center @ 840, a 507,000-square-foot speculative logistics facility in Lebanon, Tennessee near Nashville, according to ConnectCRE.
The outlet said construction will begin immediately, and that JLL Capital Markets arranged the five-year, floating-rate loan from Principal.
ConnectCRE also reported that the financing was led by Bobby Norwood and Anthony Sansone, with Austin Smith and Connor McCarthy involved.
The project is intended to expand over time into a 2.2 million-square-foot master-planned park, after adding two to three additional buildings ranging from 400,000 to 1 million square feet, on a speculative or build-to-suit basis, according to Commercial Search via ConnectCRE.