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Wells Fargo Provides $38.3M Construction Loan For Lakeland Industrial Park In Florida

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FINANCED
$38,250,000
Michael Weinberg
Christopher (Chris) Apone
Charles Foschini
+ 1

Florida

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Industrial
Financed 04/30/2021
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FINANCED

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.

See Similar Deals
Industrial
Financed 04/30/2021
Michael Weinberg
Christopher (Chris) Apone
Charles Foschini
+ 1
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Industrial
Transaction Type:Loan

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

Charles Foschini
Berkadia
Charles Foschini
57 deals$3.1B volume(305) 267-6608
BROKER
Michael Weinberg
Berkadia
Michael Weinberg
21 deals$933.1M volume
BROKER
Christopher (Chris) Apone
Berkadia
Christopher Apone
49 deals$2.4B volume
BROKER
Alec Fox
Berkadia
Alec Fox
27 deals$1.9B volume
BROKER
Nuveen
Nuveen
LENDER
Wells Fargo
Wells Fargo
LENDER
Nuveen
Nuveen
LANDLORD
SP
Silverpeak Real Estate Partners
LANDLORD
PP
Parkway Properties
LANDLORD

Details

FINANCED
IMAGE: Charles Foschini, Christopher Apone, Alec Fox & Michael Weinberg DATE: 04/30/2021 ADDRESS: Lakeland Central Park - North of Polk Pkwy MARKET: Lakeland, FL ASSET TYPE: Industrial LOAN TYPE: Construction LENDER: Wells Fargo LANDLORD: Parkway Properties, Silverpeak Real Estate Partners & Nuveen BROKERS: Charles Foschini, Christopher Apone, Michael Weinberg & Alec Fox - Berkadia LOAN AMOUNT: $38,250,000 LOAN TERMS: 3-year, floating rate loan with full term IO and a 63% LTC

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$38,250,000.00

Monthly NOI$255,000.00
Monthly Debt Service$241,766.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00