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Berkadia Arranges $20M Construction Loan for Class A Warehouse in Medley
Berkadia has secured $20 million in construction financing for HRP Medley, a to-be-built warehouse totaling 174,348 square feet in the Medley submarket of Miami, FL.
Berkadia’s Charles Foschini and Christopher Apone secured the financing on behalf of the owners, Hilco Redevelopment Partners and Edge Principal Advisors. Hilco acquired the 8.45-acre parcel of land in May of 2021 and anticipates completion of the warehouse in summer of 2022.
CIBC provided a three-year, interest-only non-recourse loan with two 12-month extension options and a 65 percent loan-to-cost ratio. Underwriting and capitalization includes tenant improvements.
“The transaction presented Hilco the opportunity to enter a nationally recognized industrial market at an attractive loan basis of $115 per square foot,” said Foschini. “That, combined with the strength of the borrower, allowed the lender to make a non-recourse construction loan, a rarity for a bank lender.”
- ◦Development
