Birtcher Secures Nearly $19M for Industrial Project

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RIVERSIDE, CA-Birtcher Development & Investments of Irvine has landed $18.5 million in construction financing that was arranged by Newport Beach-based Buchanan Street Partners for Birtcher's 269,000-sf General Drive Business Park. The project will consist of three speculative buildings that will be developed on a site on General Drive at Clay Street, near Van Buren Boulevard.The construction financing was negotiated by a Newport Beach-based Buchanan Street Partners team including Chris Dornin and Stephen Hagerman. The loan, from Bank of America, represents 100% construction funding for the project, according to Tom Sherlock, managing partner with Buchanan Street Partners.The loan will cover all costs of development for three spec industrial buildings "at very favorable interest rates," according to Sherlock. The deal leverages both Birtcher's reputation as a developer and a forward equity commitment from Cornerstone Realty Advisors, Sherlock notes.Brandon Birtcher, president and sole owner of his namesake firm, points out that the deal is his company's fourth debt and structured finance transaction with Buchanan Street, which was a joint venture partner with Birtcher in two of the deals.Plans for development at General Drive Business Park include the construction of three buildings ranging in size from 79,000 sf to 116,000 sf, which Birtcher plans to sell to owner users. The project site is close to the 15, 60, 91 and 215 freeways and is located in an existing commercial industrial infill zone.The General Drive project is the latest in a series of recent Inland Empire and Orange County projects for Birtcher Development & Investments. Last fall the company sold a 289,297-sf anchor building at its Corona Crossroads industrial project for $30 million and secured $20 million in refinancing to buy out its partner and become the sole owner of the 157,000-sf Tustin Business Park in the John Wayne airport submarket.