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Stonebriar CF Closes a $69MM Renovation-to-Permanent Real Estate Financing

February 02, 2022, 07:14 AM
Filed Under: Real Estate

Stonebriar Commercial Finance (SCF) announced the closing of a $69 million financing for the repositioning of vacant industrial real estate. This 85 percent 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 has successfully partnered with on a prior project.

SCF not only closed the loan within 30 days, but also delivered an innovative structure in which a single financing carries the project from purchase through stabilization while allowing for subdivision, construction advances, partial NNN monetization, and excess land sales.

Greg Burns, Stonebriar Managing Director, said, “This opportunity plays to Stonebriar’s strengths of providing creative capital to developers with proven redevelopment histories. Moreover, Stonebriar again proved our ability to close complex transactions in a tight timeframe.”

Jeff McCoy, Stonebriar Vice President, added, “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.”  

Stonebriar, an Eldridge business based in Plano, TX, is an investment grade provider of financing solutions for businesses in a wide variety of industries, of various sizes and credit profiles. Stonebriar leases and finances assets located primarily in North America and select other jurisdictions worldwide currently through five distinct platforms—General Equipment, Aviation Capital, Rail Leasing, Real Estate and Sponsor Finance.

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