Updated Dec 4, 2024
Wells Fargo Provides $38.3M Construction Loan For Lakeland Industrial Park In Florida
North side of Polk Parkway between Old Tampa Hwy to Airport Road in Lakeland, FL.
$38,250,000
Building Size
—
Asset Type
Industrial
Closing
Apr 29, 2021
About this deal
AI
An industrial property located in Lakeland Central Park, north of Polk Parkway in Lakeland, FL, has secured a construction loan. The property is owned by Parkway Properties, Silverpeak Real Estate Partners, and Nuveen, and the loan has been provided by Wells Fargo. The loan amount is $38,250,000 and has a term of three years. It is a floating rate loan with full term interest-only payments and a loan-to-cost (LTC) ratio of 63%.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $38,250,000
- Loan Type: Construction
The deal was facilitated by Charles Foschini, Christopher Apone, Michael Weinberg, and Alec Fox from Berkadia, who represented the parties involved in the transaction. They played a crucial role in securing the loan from Wells Fargo for the industrial property in Lakeland Central Park.
Players
Lakeland Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.41%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93