Real estate investment and development business Turnbridge Equities has completed the capitalisation of Phase I of the National Capital Business Park (NCBP) project in Washington DC's metropolitan area, US.
Carried out in collaboration with co-development partner Manekin, the project received approximately $275m in construction financing and joint venture equity.
This funding will support the development of five Class A industrial warehouse buildings that will cover an area of 1.3 million square feet. The buildings range from 160,000ft² to 360,000ft².
The development will include a total of four speculative buildings, each offering ample parking, dock doors, and truck courts.
A $165m construction loan was provided by an affiliate of Apollo Global Management while the Qatar Investment Authority and PCCP contributed approximately $110m in equity.
The NCBP is situated in Prince George's County, Maryland, and offers businesses access to the Washington DC market, which has a population of approximately ten million people and includes well-connected transportation corridors.
The NCBP also has rooftop solar photovoltaic panels capable of generating 11.3MW of electricity to help encourage sustainable practices.
The project includes the preservation of nearly 200 acres of natural landscape and has plans to develop a 20-acre multipurpose park to benefit the community.
Leasing for Phase I of the development is being managed by Jeffrey Ludwig, director and vice-president of NAI Michael.
The transaction was facilitated by the Cushman & Wakefield (C&W) Equity, Debt & Structured Finance team alongside the advisory services of C&W's Industrial Advisory Group.
Turnbridge's managing head Ryan Nelson said: “Best in class, institutional investors QIA and PCCP’s investment into National Capital Business Park illustrates the attractiveness of the project’s design and location in one of the most infill industrial markets in the country with low vacancy, strong demand and exceptionally high barriers to entry.”
Site works are currently underway, with vertical construction for Phase I expected to commence in the coming months. Delivery of the project is expected in early 2024.
