Power of 32 Site Development Fund Announces Investment Loan of $6.9M in Beaver County’s Turnpike Industrial Park

by on September 26, 2017

 

With its latest loan, this private fund has invested nearly $25M in helping to get key commercial and industrial sites in the greater region shovel-ready for vertical development

(PITTSBURGH – Sept. 26, 2017) – A loan of $6.9 million from the Power of 32 Site Development Fund Partners LP – representatives of the greater Pittsburgh region’s business and foundation communities – will help to move Beaver County’s Turnpike Industrial Park forward for business investment with three shovel-ready pads able to accommodate up to one million square feet of space ideal for distribution and/or manufacturing facilities.

Castlebrook Development Group, founded and managed by Beaver County native Pascal (Pat) M. Nardelli, will be responsible for the development at the Big Beaver, Pa. site, whose biggest advantage, according to Nardelli, is its strategic location and proximity to three major interstates: I-376, I-79 and I-80. The site is also within 15 miles of the Royal Dutch Shell petrochemical facility being constructed in Potter Township.

The site is advantageous to Beaver County, according to Jim Palmer, president of the Beaver County Corporation for Economic Development. “We are seeing increased demand for real estate in the county, specifically related to Shell and generally because Shell’s presence validates the region as a quality real estate opportunity,” said Palmer. “The Turnpike Industrial Park project provides continued movement toward this area becoming a key regional development location over the near term.”

The loan will help to cover site clearing, fill and grading and utility and road installations. Nardelli reports that earthwork has already started to bring the site to grade in order to be pad-ready for placements of footers and foundations for warehouse and distribution facilities. Within the next six months he expects completion of earthwork, utility extensions and access roads with construction of buildings on the site in 2018.

The Power of 32 Site Development Fund, launched in 2015, is a $49 million fund that provides patient mortgage loans to help close critical infrastructure financing gaps associated with horizontal construction and move sites to market for vertical (brick and mortar) construction more quickly.

View what is planned by Castlebrook for the Beaver Turnpike Industrial Park site. 

Read full press release.