JV Secures $38M Construction Loan for Lakeland Logistics Center
A joint venture between Parkway Properties, Silverpeak Real Estate Partners and Nuveen has secured a $38.2 million construction loan for the first phase of Lakeland Central Park, a future planned 740-acre industrial park with 5 million rentable square feet in Lakeland, FL.
The financing for the initial phase will encompass the construction of 700,000 rentable square feet of logistics warehouse space, as well as the infrastructure costs for up to 2 million rentable square feet. Lakeland Central Park is located at the boundary of Old Tampa Hwy, Polk Hwy and County Rd 572.
Charles Foschini and Christopher Apone of Berkadia’s Miami office, along with Michael Weinberg and Alec Fox of Berkadia’s Orlando office, secured the loan on behalf of the JV. Wells Fargo originated the 3-year, floating rate loan with full term interest-only payments.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!