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Florida & Gulf Coast  + South Florida  + Industrial  | 
Berkadia has secured $20 million in construction financing for HRP Medley, a Class A warehouse in the Medley submarket of Miami, FL.

Berkadia Arranges $20M Construction Loan for Class A Warehouse in Medley

Berkadia has secured $20 million in construction financing for HRP Medley, a to-be-built warehouse totaling 174,348 square feet in the Medley submarket of Miami, FL.

Berkadia’s Charles Foschini and Christopher Apone secured the financing on behalf of the owners, Hilco Redevelopment Partners and Edge Principal Advisors. Hilco acquired the 8.45-acre parcel of land in May of 2021 and anticipates completion of the warehouse in summer of 2022.

CIBC provided a three-year, interest-only non-recourse loan with two 12-month extension options and a 65 percent loan-to-cost ratio. Underwriting and capitalization includes tenant improvements.

“The transaction presented Hilco the opportunity to enter a nationally recognized industrial market at an attractive loan basis of $115 per square foot,” said Foschini. “That, combined with the strength of the borrower, allowed the lender to make a non-recourse construction loan, a rarity for a bank lender.”

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Berkadia’s Foschini

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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