Regional Capital Group announces the ground breaking on a 27 acre commercial site and invests $5.1 Million in preferred equity
Bradenton, Florida (Sept 08) – Regional Capital Group (RCG) invested $5,100,000.00 of preferred equity in The Business Park at Washington Crossing to facilitate the construction funding of a flex and retail project. RCG was able to structure a complete funding package utilizing a senior lender that they have a relationship with to complete the transaction. In the current market, RCG continues to be a source of debt and equity that may be otherwise unavailable.
After a four year process to gain the approvals for 164,000 square feet of flex space and four pad sites, ground was broken to commence construction. RCG had previously provided bridge funding to acquire the site in a series of takedowns over the past few years. Recently RCG coordinated a construction loan and invested the necessary equity with the borrower to complete the funding. It is anticipated that the project will take two years to complete and sellout. The developers have recently begun marketing the project and it has been well received.
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 low vacancy, below the market average, proving that there is a demand for this type of project.
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 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.
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. "The developer has a good understanding of the market and we have confidence in their ability to build and deliver this product", reports Paul Braungart, President of RCG
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, Mezzanine, and preferred equity funding 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 funding needed in a short period of time.
ABOUT REGIONAL CAPITAL GROUP
Regional Capital Group is a private short term real estate lender and investment company specializing in creative funding solutions. RCG provides creative loan programs for commercial and residential properties structured in the form of debt, equity and mezzanine financing. Regional Capital Group offers alternative loan structures which may fall outside of the traditional lending sources to expedite a closing should an opportunistic situation arise. RCG is still active seeking new projects to fund.
For more information, visit Regional Capital Group online at http://www.regionalcapital.com or call (856) 983-4800.
