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Byline Bank Provides $14M Construction Loan For Industrial Building In San Antonio

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FINANCED
$14,000,000

Texas

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Industrial257,000 SF
Financed 04/24/2024
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FINANCED

Byline Bank Provides $14M Construction Loan For Industrial Building In San Antonio

6357 Rittiman Road

See Similar Deals
Industrial257,000 SF
Financed 04/24/2024
the dealplayerscompscontact
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Summary

TEXAS
Asset Type:Industrial
Price Per Square Foot:$54
Total Square Footage:257,000 SF
Transaction Type:Loan

The $14 million construction loan was secured for the joint venture of TradeLane Properties Fund III and Phelan Development Company to construct a 257,000-square-foot industrial building located at 6357 Rittiman Road in San Antonio, Texas. Byline Bank's Commercial Real Estate Group facilitated this transaction, providing much-needed Class A industrial space to the northeast submarket.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $14,000,000
  • Address: 6357 Rittiman Road
  • Market: San Antonio
  • Lender: Matt Robertson - Byline Bank's Commercial Real Estate
  • Landlord: Dan Morrison - TradeLane Properties Fund III; Jeffrey Phelan - Phelan Development Company

Holland & Knight and Franklin Law Group served as the brokers for this deal, demonstrating the commitment of Byline Bank to support ground-up developments efficiently and foster enduring relationships with top-tier sponsors nationally. This marks Byline's thirteenth transaction with TradeLane, showcasing a strong and successful partnership in the real estate market.

Players

Byline Bank
Byline Bank
LENDER

Details

FINANCED
IMAGE: Matt Robertson, Dan Morrison & Jeffrey Phelan DATE: 04/24/2024 ADDRESS: 6357 Rittiman Road MARKET: San Antonio ASSET TYPE: Industrial ~ SF: 257,000 LENDER: Matt Robertson - Byline Bank's Commercial Real Estate (@Byline_Bank) LANDLORD: Dan Morrison - TradeLane Properties Fund III; Jeffrey Phelan - Phelan Development Company (@PhelanDevco) BROKERS: Holland & Knight (@HollandKnightLaw); Franklin Law Group LOAN AMOUNT: $14,000,000 LOAN TYPE: Construction Loan NOTE: Byline Bank’s Commercial Real Estate Group secures $14 million financing for TradeLane Properties Fund III and Phelan Development Company's joint venture to construct a 257,000-square-foot industrial building in San Antonio, Texas, providing much-needed Class A industrial space to the northeast submarket. This marks Byline's thirteenth transaction with TradeLane, demonstrating its commitment to supporting ground-up developments efficiently and bolstering its strategy of fostering enduring relationships with top-tier sponsors nationally.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$14,000,000.00

Monthly NOI$93,333.33
Monthly Debt Service$88,489.52
Change in Cash Flow$0.00
Refinance Proceeds$0.00