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VISTA, CA-Burke Real Estate Group has secured $26.8 million in construction and equity financing for the development of its Vista industrial project known as Burke Sycamore Business Center II.

The financing, which has been arranged by Buchanan Street Partners, consists primarily of a $22.1-million construction loan, which represents 80% of the total project cost. The other loan consists of $4.7 million in equity funds, which translates to 85% of the required equity necessary to complete the total capitalization. Tim Hawthorne and Jared Rogers of Buchanan Street’s Newport Beach office arranged the financing transaction on behalf of Burke Real Estate Group.

Construction on Burke Sycamore Business Center II is currently slated to begin in January 2004, with its first buildings to be available as early as July 2004. Scheduled to rise on an 18.55-acre parcel along Sycamore Avenue, the 290,000-sf development will consist of 41 single-tenant for-sale facilities at build-out. Design plans call for clear heights ranging from 16 ft to 26 ft, both dock-high and grade-level loading, and parking ratios of up to 3:1 for some buildings. The project marks the second phase of the Burke Sycamore Business Center complex, which will contain a total of 56 facilities encompassing 446,000 sf upon completion. Phase I of the development includes 12 for-sale facilities ranging from 4,000 sf to 29,000 sf, as well as three multi-tenant buildings that offer leases varying from 1,000 sf to 2,000 sf.

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