Burke Development Secures $13.2-Million Loan

VISTA, CA-Burke Development has secured $13.2 million in financing for a new industrial project it plans to build in Vista.

The construction and mezzanine loans will cover 97% of the total costs of development for the project, known as Burke Sycamore Vista Business Center. The proposed complex, which will front Sycamore Avenue, will encompass 157,000 sf of single and multi-tenant industrial space upon completion. It will consist of 12 facilities designed for single tenant users that will vary in size from 4,000 sf to 29,000 sf and three multi-tenant buildings that will range from 1,000 sf to 2,000 sf.

Buchanan Street Partners raised the financing, which consists of a $10.7-million construction loan and a $2.5-million mezzanine loan. The construction financing covers 80% of the total project cost. It is priced at 250 basis points over LIBOR with no interest rate floor for a 24-month term plus extensions. The mezzanine loan has been secured to provide 90% of the required equity to complete the financing.