December 21, 2018

Dekel Capital arranged $34.3 million in construction financing for a speculative 537,000-square-foot Class-A logistics facility in Lakeland, FL, on behalf of Texas-based industrial developer Xebec. The 36-month interest-only financing was originated by a pension fund advisor and consists of a senior note and mezzanine debt, resulting in financing of 85% LTC.

Dekel Principal Shlomi Ronen says, “This is the third financing we’ve sourced for Xebec over the past several years. Due to their previous relationship with this best-in-class sponsor, the lender was confident with Xebec’s ability to execute its business plan in the very strategic Interstate-4 industrial corridor that serves Tampa and Orlando. As a result, we were able to secure a high leverage loan at very attractive pricing.”

Xebec will begin construction on the Lakeland development in January on a 60-acre site along Interstate-4 near Lakeland Hills Boulevard. A fourth quarter 2019 delivery is planned for the single-tenant cross dock bulk logistics facility.

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Tags: Development, Financing, Industrial