$34M in construction financing arranged for Whitepine Logistics Center in Richmond, VA

CHARLOTTE, Oct. 16, 2024 – JLL Capital Markets announced today it arranged $34 million in construction financing for the development of Whitepine Logistics Center, a three-building Class A industrial project located in Richmond, Virginia.

JLL worked on behalf of a joint venture between Mixson Properties, Frampton Strategy Group and Singerman Real Estate to secure the financing through Texas Capital.

The project, totaling 498,000 square feet, will feature front-parked, rear-loaded tilt wall construction shells with 32-foot clear heights, designed to accommodate multi-tenant configurations. The joint venture closed the loan with a shovel-ready site, marking an impressive start to the project.

Located at 8800 Whitepine Road, the logistics center is strategically positioned in the southwest submarket of Richmond, Virginia. The city's unique location at the intersection of three major highways (I-95, I-85 and I-64) offers exceptional access to key metropolitan areas including Washington, DC, Raleigh-Durham, Charlotte and Atlanta. Additionally, Richmond's extensive network of over 57,000 miles of state highways allows businesses to reach 75% of the U.S. population within a 48-hour drive.

The JLL Debt Advisory team was led by Managing Director Taylor Allison, Senior Director Reina Abboud and Analyst Jovi Rodriguez. JLL's local Richmond team, comprised of Managing Directors Muscoe Garnett and Jake Servinsky and Senior Vice President Adam Lawson, will spearhead the leasing efforts for the project.

“Whitepine Logistics Center's delivery is strategically timed to coincide with a period of compressed supply and strong demand in the Richmond market,” said Allison. “We anticipate that this state-of-the-art industrial hub will attract a diverse range of businesses seeking to establish or expand their presence in the Richmond area.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Mixson Properties is a full-service commercial real estate investment and development company specializing in the acquisition and development of office, industrial, and build-to-suit properties. With solid banking and a proven history of working with both institutional and private capital partners, Mixson Properties is able to react quickly to the current market and capitalize on unique investment opportunities. Founded by seasoned industry veteran Jeff Mixson, Mixson Properties leverages diverse experience and an extensive network to source and execute development and value-add opportunities which exceed client and investor expectations. Mixson Properties is building a diverse portfolio of properties in the Southeast ranging from ground-up development to high-yield income properties.

Frampton Construction is a full-service firm offering planning and design support, preconstruction, and construction services. Its dedicated team of professionals takes pride in building meaningful, lasting relationships with clients while providing the highest quality of service. Frampton delivers executive leadership and personal oversight throughout the building process while working diligently to exceed each client's expectations. With offices in Charleston, South Carolina, Charlotte, North Carolina, and Tampa, Florida, the company is positioned to manage projects in the Southeast and beyond. Learn more at frampton.construction and follow them on LinkedIn, Facebook, and Instagram.

Singerman Real Estate, LLC is a Chicago-based opportunistic real estate investment firm that has deep experience executing complex transactions and unlocking embedded value through the ownership of properties, real estate loans and operating companies. The investment focus is on maximizing risk-adjusted returns through investments in both debt and equity across all major asset classes including office, hotel, industrial, life science, retail and multifamily, in addition to some secondary real estate asset classes. Since its formation, SRE has sourced and executed, with partners, over $5.0 billion of investments nationwide.

Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly-owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities. All services are subject to applicable laws, regulations, and service terms. Deposit and lending products and services are offered by TCB. For deposit products, member FDIC. For more information, please visit www.texascapital.com.