Orlando’s premier industrial park refinanced with $120M loan
JLL Capital Markets arranged the loan for the award-winning Infinity Park in a highly sought-after Central Florida market
ORLANDO, Dec. 28, 2021 – JLL Capital Markets announced today that it has arranged a $120 million refinancing on behalf of McCraney Property Company and partner Tavistock Development Company for the award-winning Infinity Park, a newly constructed, nine-building, Class A logistics park totaling 1.3 million square feet in Orlando, Florida.
JLL worked on behalf of the borrower, McCraney Property Company and Tavistock Development Company, to place the 10-year, fixed-rate loan with Lincoln Financial Group.
“The development team set the tone for success in this project,” said McCraney Property Company CEO and President Steven E. McCraney. “It was the right location in the right market that produced this phenomenal list of tenants that joined us at the park.”
Constructed in phases between 2019 and 2021, NAIOP named Infinity Park the Central Florida Industrial Development of the Year in 2019 for its meticulous design and highly functional layouts. The 92 percent-leased industrial park is home to 17 tenants and features a premium credit profile with major tenants such as Pepsi (Moody’s: A1).
Infinity Park is located 2500, 2505, 2559, 2583, 2598, 2612, 2613, 2619 and 2622 Consulate Dr. in one of the best logistics locations in Central Florida. Due to its unparalleled multi-expressway access where the Beachline Expressway (SR-528) intersects with the Florida Turnpike and John Young Parkway, tenants can reach more than 20 million residents – or 95 percent of the population of Florida – within a four-hour drive and nearly 3.7 million customers within a one-hour drive.
As one of the fastest-growing metro areas in the country, Orlando’s population is booming and is anticipated to continue to outpace state and national averages over the next five years. JLL Research’s recently released Orlando Industrial Insight report for the third quarter details how new deliveries cannot keep up with the demand, leading vacancy to dip to 3.1 percent.
The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Melissa Rose, Director Maxx Carney, Associate Reid Carleton and Analyst Maddy McMillen.
“It was a privilege to work on behalf of McCraney Property Company and Tavistock to secure optimal financing terms for one of Florida’s most noteworthy industrial assets,” Rose said. “The sponsorship, location and tenant mix of the asset are second to none, resulting in a highly competitive process with a wide array of capital sources that were eager to provide financing.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About McCraney Property Company
Recently named one of National Real Estate Investor‘s Top 50 National Industrial Owners and Developers, McCraney Property Company is a leading private real estate investment firm focused on the acquisition, development, and management of industrial properties in the Southeast region. Since its founding in 1989, the company has grown to be one of the most active developers of high-finish industrial real estate – e-commerce fulfillment and distribution facilities – and private acquisition in Florida, Georgia, North Carolina, and South Carolina’s major markets. Over the past 28 years, McCraney Property Company has stayed ahead of the curve through its platform of speculative development, which has resulted in its rapid growth and positioned the enterprise to thrive in today’s emerging markets. Currently, the company has more than 17 million square feet of active industrial projects under some form of development or in the pipeline.
About Tavistock Development Company
From state-of-the-art homes to the innovation centers of tomorrow, Tavistock Development Company looks to the future of design, technology and human experience. Tavistock Development Company strives for excellence in everything they do. With a thoughtful, forward-looking vision and a nimble, collaborative team, the firm focused on creating long-term value in projects that inspire. As a diversified real estate firm, Tavistock Development Company specializes in planning, design, finance, construction, development and experiences. They have shaped the Central Florida landscape with a portfolio of groundbreaking projects.