Stonebriar Commercial Finance closed a $69 million financing for the repositioning of vacant industrial real estate. This 85% loan-to-cost mortgage financed both the purchase and redevelopment of a single industrial asset into two separate triple-net (NNN) properties. One parcel will be ground-leased to a big-box retailer, while the remaining 1.3 million square foot flex space will be leased to a manufacturing company that the developer partnered with on a prior project.

Stonebriar Commercial Finance closed the loan within 30 days and delivered a structure in which a single financing will carry the project from purchase through stabilization while allowing for subdivision, construction advances, partial NNN monetization and excess land sales.

“This opportunity plays to Stonebriar’s strengths of providing creative capital to developers with proven redevelopment histories,” Greg Burns, managing director of Stonebriar Commercial Finance, said. “Moreover, Stonebriar again proved our ability to close complex transactions in a tight time frame.”

“Because our client had fully formulated its repositioning plan, with NNN leases substantially in place prior to closing, Stonebriar was able to focus on inventive structural elements to deliver a customized solution with an aggressive 30-day closing timeline,” Jeff McCoy, vice president of Stonebriar Commercial Finance, said.