Financing help through the Columbus-Franklin County Finance Authority has cleared the way for a developer to build a 1 million-square-foot speculative distribution center in Groveport.
Missouri-based NorthPoint Development worked a deal for the financing authority to sell $28.5 million in bonds to St. Louis-based lender Associated Bank so it could build the property on 67 acres it bought at Rohr and Pontius roads in late May.
Authority President Jean Carter Ryan said the conduit financing reduced the borrowing costs for the developer so it could pay for $600,000 worth of infrastructure needed to access the land.
“The bonds will get paid off by the developer,” Ryan told me.
Northpoint Vice President Brent Miles was not immediately available for comment on the project at 6602 Pontius Road.
Leasing agents Dan Wendorf and Steve Kuhr will market the property.
In a news release, Miles complimented the finance authority’s ability to…