McCraney Property Company and Tavistock Development Company have secured $120 million in debt from Lincoln Financial Group to refinance 1.3 million square feet worth of industrial real estate in Orlando, Fla. that’s located within a large complex called Infinity Park, according to information from global advisory firm JLL, which arranged the financing.
The 10-year, fixed-rate financing allowed the joint venture to refinance the nine-building logistics development, which was erected in phases between 2019 and 2021.
JLL’s Melissa Rose, Maxx Carney, Reid Carleton and Maddy McMillen represented the borrower in the arrangement of the debt, the firm said.
Rose said the terms of the financing were “optimal … for one of Florida’s most noteworthy industrial assets. 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.”
The mixed-use complex is situated on 200 acres off South John Young Parkway in Orlando, with the nine buildings having official addresses at 2500, 2505, 2559, 2583, 2598, 2612, 2613, 2619 and 2622 Consulate Drive. The complex features a collection of high-profile logistics tenants, including FedEx and Pepsi.
In February, FedEx signed on for about 434,000 square feet within one of the industrial buildings on the site. Overall, the industrial space is now 92 percent leased to 17 tenants, per JLL.
Orange Lake Resorts also has a two-building, 240,000-square-foot corporate headquarters at the site that can accommodate 2,000-plus employees, according to information from Tavistock’s website.
“The development team set the tone for success in this project,” said McCraney Property CEO and President Steven McCraney. “It was the right location in the right market that produced this phenomenal list of tenants that joined us at the park.”
According to JLL, the property is positioned such that its logistics tenants can reach a consumer base of more than 20 million Florida residents, or about 95 percent of the state’s population, within a four-hour drive, as well as an additional 3.7 million customers within a one-hour trek.
Tavistock was not able to provide a comment or additional information prior to publication. A representative for Lincoln Financial was not available for comment prior to publication.
Mack Burke can be reached at email@example.com.