Stonebriar Closes a $64.5MM Construction-to-Permanent Real Estate Financing
SEP 14, 2021 - 6:00 am
Stonebriar Commercial Finance closed a $64.5 million construction-to-permanent real estate financing with a premier real estate developer. This 85% loan-to-cost mortgage will finance the development of a triple-net, build-to-suit property for a tenant that the developer has successfully partnered with on prior projects.
The company creatively addressed various transaction nuances including upsizing for tenant change orders and the potential release of excess land post-closing.
Greg Burns, Stonebriar managing director stated, “This opportunity plays to Stonebriar’s strengths of providing flexible capital to proven developers with strong tenant relationships. Our financing structure is designed to be programmatic with this specific tenant and has already resulted in dialogue on four additional projects that could increase total fundings to the low nine figures.”
Jeff McCoy, Stonebriar vice president, added, “The fundamentals of a strong sponsor, market leading tenant and essential real estate allowed for a timely approval and efficient closing.”
While merger and acquisition activity in the equipment finance industry paused during the depths of the COVID-19 pandemic, conditions driven by cash-rich businesses hungry for growth are aligning to make the post-pandemic market one of the most active of the... read more
The COVID-19 pandemic has changed a lot of things, especially when it comes to how we interact with other people. One of the primary places those interactions took place before the pandemic was the office. But just as the pandemic... read more