Regional Capital Group Provides $6.2 Million in Bridge financing to acquire the balance of a 27-Acre Business Park Development Project located in Bradenton, Florida
Manatee County - Bradenton, Florida - ranked in the top four growing Industrial Markets in the United States - showing no signs of slow down. Developers to focus on developing flexible business and commerce parks offering affordable "Smart Space" leasing opportunities.
Bradenton, Florida (May 2007) – Regional Capital Group provided $6,200,000.00 in bridge financing to The Business Park at Washington Crossing, LLC for the acquisition of the remaining 8.31 acres of a 27-acre site currently under contract as well as to refinance the existing 18.363 acre parcel already acquired.
In March of 2004, the Borrowers executed a contract to purchase a 26.98-acre site located on the West Coast of Florida. The acquisition was structured as a series of ‘take-downs’ or acquisitions of 5-acre parcels commencing April of 2005. The contract required that the land be purchased on specified dates regardless of the state of the entitlement process, resulting in a beautifully designed and desperately needed business park on the southern 20-acre portion of the site and a retail development project on the remaining 7-acre portion.
The developers are focused on developing flexible business and commerce parks offering affordable, high quality, Wi-Fi-ready commercial condominium ownership and leasing opportunities for surrounding small to medium sized businesses. The market has a vacancy rate of 5.00 percent, which is well below the market average, proving that there is a demand for industrial/ condominium warehouse space.
The Developers have franchised their “Smart Space” concept (known as Flex Space) into a business plan which provides them the flexibility to accommodate different types of users. The developers have three other similar properties, two of which are completely sold out and the third was just recently completed. A ‘built-to suit’ model allows them the flexibility to provide space for any individual or large company and each unit is designed for the specific needs of the user.
The project has been designed to combine light industrial, light assembly, warehouse, showroom, distribution, R&D, service center offices, professional offices and even retail uses all located on the same site. The site will include four “Smart Space” buildings totaling 164,000 square feet in addition to four pad sites. The pad sites will accommodate an office user, hotel, bank, and gas/convenience store. The developer will be selling each of the pad sites “shovel ready” but plans to construct the “Smart Space” buildings.
“This is the fourth phase of funding provided to the developers for this project”, reports Paul Braungart, President of RCG. As a result of Regional Capital Group's expertise and knowledge of the market and the flexibility of their funding capabilities they were able to provide the borrower with the funds needed in the time frame requested.
Regional Capital specializes in finding solutions to situations that may not fit for other lenders and has the ability to accommodate short-term loan requests, Construction, Bridge and Mezzanine financing for a variety of property types. RCG’s team analyzed the project, studied the market and because of their flexibility and experience, they were able to provide the Borrower with the financing needed for in a short period of time.
ABOUT REGIONAL CAPITAL GROUP
RCG is a private short term real estate lender focused on creative funding solutions. The team at RCG brings extensive experience in all aspects of real estate lending, investment and development. Funding programs include every piece of the capital stack which may be structured as senior debt, mezzanine, participating loans or equity. We take pride in the ability to provide immediate feedback to a borrower and to structure a unique and timely solution to an untraditional funding request.
A direct commercial lender with over 50 years of combined experience and total funding of asset-based loans in excess of $3 billion, RCG was founded over 10 years ago by Paul P. Braungart with the fundamental philosophy of providing clients with a creative and specialized source of funds with maximum flexibility. As our portfolio grows,
RCG continues to create innovative loan structures to meet the increasing demands of our specialized clients.
RCG provides viable alternatives to requests that are outside of traditional lending parameters or require a timely closing to take advantage of an opportunistic situation.
Our experience has taught us how to recognize opportunities that other lenders and investors may have overlooked. Loan types include Land, Land Improvement & Development, Construction and Bridge funding. Acceptable property types are Residential Spot Lot or Tract, Multifamily, Urban Rehab, Mixed Use, Office, Retail, Industrial and Self Storage. Other property types are considered on a case by case basis. When we are presented complete information, loan turn around time is among the most expedient in the industry.
