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

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.