Glacier Carwash
1892 Capital Partners provided a $6,225,000 development loan in partnership with Miller Investments and Jody Miller Construction for the ground-up construction of Glacier Car Wash, a 4,200-square-foot facility located at 2841 Emerald Street in Milton, Washington.
1892 Capital Partners provided a $6,225,000 development loan in partnership with Miller Investments and Jody Miller Construction for the development of Glacier Car Wash, a 4,200-square-foot facility located at 2841 Emerald Street in Milton, Washington.
This project represents a strategic investment in the expanding car wash and specialty retail sector, with a focus on technology, sustainability, and long-term operational efficiency.
The Opportunity
The car wash sector has seen continued growth driven by:
- Increased consumer demand for convenience-based services
- Recurring revenue models
- Strong performance across various market cycles
Glacier Car Wash was designed to meet this demand with a modern, high-quality facility that integrates environmental responsibility into its core operations.
The project is located in Milton, Washington, a growing submarket with strong visibility and accessibility, supporting long-term customer demand.
The Development Plan
The project includes the construction of a 4,200-square-foot car wash facility with a focus on advanced infrastructure and user experience.
A key differentiator for Glacier Car Wash is its water reclamation system, which improves efficiency and reduces environmental impact.
Planned features include:
- Storage of reclaimed water in multiple tanks
- Reuse of treated water for vehicle underbody wash cycles
- Reduced wastewater discharge
- Optimized resource usage across operations
This system allows the facility to operate more sustainably while maintaining high performance and customer experience.
The Financing Solution
1892 Capital Partners structured a development loan aligned with the borrower’s construction timeline and operational goals.
The structure provided:
- Capital to support ground-up construction
- Flexibility aligned with development timelines
- Certainty of execution in a competitive financing environment
- A clear path toward stabilization and refinance
Traditional lenders can face challenges underwriting newer-format car wash developments, particularly those incorporating advanced systems. This structure allowed the project to move forward without delay.
Why Development Financing Made Sense
Car wash developments, particularly those focused on modern systems and sustainability, often require:
- Flexible capital during construction
- Understanding of operational models and recurring revenue
- Alignment with long-term performance rather than short-term metrics
This financing allowed the sponsors to execute on a forward-thinking project while maintaining control over design, quality, and delivery.
Execution & Outcome
1892 Capital Partners successfully funded the development of Glacier Car Wash, supporting a project that contributes to both local economic growth and environmental stewardship.
The project is scheduled for completion in Spring 2025, at which point the borrower will focus on stabilization and long-term financing.
