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CHARLESTON/ LOS ANGELES, October 16, 2017. Dekel Capital recently closed a $17 million non recourse construction loan for Xebec Realty Partners.. Proceeds will be used to develop a 262,080 SF state of the art Class A multi-tenant light industrial facility in North Charleston, South Carolina.
Dekel Capital utilized its extensive network to identify a lender that was capable of understanding the property’s unique positioning and attractive location, and could provide competitive loan terms.
“The development will bring much-needed Class A supply to North Charleston’s booming economy where recent transactions indicate significant growth and gave Dekel Capital and the lender a high level of confidence that this was a good investment.” said Shlomi Ronen.
The site is strategically located as the last developable site in the Palmetto Commerce Park, which features a variety of tenants including Boeing and Mercedes Benz. The site has excellent access to U.S. Interstate 26, the primary route of transit inland from the Port of Charleston and Charleston International Airport.
This deal reflects Dekel Capital’s ability to source capital for its developer clients as they expand into new markets. This non-recourse construction financing was structured as a “stretch senior” loan, which allowed for increased loan proceeds at attractive pricing. The firm has been engaged in a combined $2 billion of structured transactions for developers, operators and investors, over the past 15 years.