UC Funds closes $4.5 million loan in North Charleston industrial hub

We recently celebrated the closure of a $4.5 million first mortgage loan for the acquisition and renovation of a 158,400-square-foot industrial building located at 4280 Pace Street in North Charleston, South Carolina. The office and industrial building feature three docks, three drive-in bays and 25 parking spaces.

Pace Street’s industrial building will experience a series of renovations and improvements including a new roof, siding and minor structural repairs. [Photo Credit: Post & Courier]

This closing was a result of another long-standing relationship with a borrower. Led by Jeremy Blackburn, Industrial Holdings, LLC is a successful investor of single-family rentals throughout the greater Charleston region.

4280 Pace Street is centrally located six miles north of Charleston. A defense, IT and manufacturing hub, the city is home to the Joint Air Force/Navy Base, General Dynamics, Bosch, and Boeing, among others.

North Charleston’s Joint Air Force/Navy base is one of 12 Department of Defense (DoD) Joint Bases in the country. [Photo Credit: PCS-Lodging.com]

Originally built in 1967, the asset was previously a Lockheed Martin airplane manufacturing plant. Upon completion of renovations that include a new roof, siding repairs and general maintenance, the currently vacant property will be fully marketed to potential single-use companies, with several potential tenants already in preliminary lease negotiations.

We’re thrilled to foray into the South Carolina market with our long-term partner Jeremy Blackburn and are looking forward to seeing the community impact the new tenants have on North Charleston.

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