Berkadia has arranged $14.1 million in acquisition financing on behalf of Foundry Commercial for the acquisition of America’s International Center, a 147,000-square-foot industrial park in Doral.
Managing Directors Michael Weinberg and Rebecca Van Reken along with Associate Director Alec Fox of Berkadia Orlando secured the non-recourse, floating rate loan with CIT Bank at 65% loan-to-cost.
“The Miami industrial market is on fire”, said Weinberg. “Foundry was attracted to the excellent location and historically strong occupancy of America’s International Center, or ‘AIC’. This generationally-owned asset is now in the hands of a fantastic value-add owner/operator in Foundry. I am excited to see them execute their business plan given their successful track record of creating value,” he continued.
Built in 1975, America’s International Center is located at 9300-9380 NW 13th St. in the Airport West submarket. Strategically located just off the Dolphin Expressway with easy access to all of Miami-Dade County, the AIC is located less than 15 minutes from important transit infrastructure including the Miami International Airport, the Florida Turnpike, and commercial rail.
This transaction represents just one example of the attractive capital available to industrial owners or developers in Florida. In April, Berkadia secured a $38.25 million construction loan for the first phase of Lakeland Central Park, a planned two million square foot logistics center in Lakeland, Florida.
“Capital for industrial development, even if it’s speculative, is currently in strong supply for both equity and debt. Our experience navigating this dynamic market demand with a project like Lakeland Central Park and now America’s International Center ensures our clients secure the best possible capitalization for their projects,” added Weinberg.