McCraney Property Company negotiates $65 million loan from BankUnited to refinance nearly one million square foot shallow bay industrial portfolio
West Palm Beach, FL – September 7, 2016 – McCraney Property Company, a leading developer of modern high-finish industrial properties, announces successfully securing a loan of $65 million from BankUnited. The loan will be used to refinance the company’s legacy portfolio assets, which encompass some 1,000,000 rentable square feet of shallow bay industrial and includes:
- Vista Business Center, West Palm Beach
- Belvedere Business Park, West Palm Beach
- Orlando Central Park, Orlando
- Discovery Lakes, Orlando
- Treasure Coast Commerce Center, Stuart
The deal was originated from the bank’s Miami office and led by Executive Vice President Robert Hummel. BankUnited has a fruitful relationship with McCraney Property Company, recently providing partial financing for the company’s acquisition of 78 acres of land at the intersection of County Line Road and Rice Road in Plant City, Fla., which will be known as County Line Logistic Park. This will lead to the development of a class A industrial spec property totaling 1,350,000 square feet.
“To refinance our previous CMBS debt, secure longer term debt at a much favorable rate and most importantly, do all with a highly regarded regional lender, is paramount and allows us to more effectively move our business forward,” said Steven McCraney, President and CEO, McCraney Property Company. “It’s a relationship business, and we appreciate BankUnited and its belief in our product.”
The most active developer in the niche of Industrial real estate development, e-commerce distribution facilities, management, and private acquisition in Florida’s major markets, McCraney Property Company has developed some 5,000,000 square feet of speculative industrial space. In the past year alone, McCraney Property Company delivered 1,316,920 square feet and broke ground on 1,206,000 square feet in South and Central Florida.
“The past six years have tested everyone within real estate, and it’s a remarkable achievement for our team to have withstood the recession and have the opportunity to continue to strengthen our industrial development platform,” continued McCraney. “We take particular pride in the fact that we remained purpose-driven throughout and advanced our business through calculated and strategic risk.”