A Texas-based industrial real estate developer got a $34.3 million construction loan to finance a speculative logistics facility in Lakeland.
Xebec of Dallas plans to build a 537,000-square-foot logistics facility on a 60-acre site along Interstate 4.
Scheduled for completion in the fourth quarter of 2019, the logistics facility will have 36-foot clear height, 185-foot truck courts, 426 parking spaces for cars and 107 for containers.
Dekel Capital arranged the $34.3 million construction loan for Xebec’s speculative development in Lakeland.
A pension fund advisor originated the three-year loan with interest-only payments and a loan-to-value ratio of 85 percent.
“The availability of construction financing remains relatively constricted,” Shlomi Ronen, a principal of Dekel, said in prepared remarks. “However, the last-mile needs of e-commerce have reshaped the industrial real estate model and construction debt is available for new and urban infill development.” – Mike Seemuth