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HUNTINGTON BEACH, CA-Burke Real Estate Group of Santa Ana has secured $15.3 million in financing for the construction of a 217,000-sf industrial project here, according to Newport Beach-based Buchanan Street Partners, which arranged the funding.

The new industrial park will comprise 217,000 sf of space on a 12.19-acre in-fill site at Rancho Road and Astronautics, about a mile southwest of the 405 Freeway in a master planned park owned by Boeing Realty Corp.

The Burke development, as yet to be named, will include five buildings that will range in size from 17,000 sf to 65,000 sf. Building features will include 26-ft clearance, dock-high loading with covered truck wells, grade level loading, yard areas and parking ratios of 2.1 to 3.1 spaces per 1,000 sf of building space.

Buchanan Street arranged $15.3 million in construction financing for 82% of the total project cost. Terms of the financing included a competitively priced interest rate floating over LIBOR on an interest-only basis for 24 months, with an extension option. The financing represents the fourth construction loan in the last 12 months that Buchanan Street has arranged for Burke, an active developer of Southern California industrial properties. Tim Hawthorne and Jared Rogers of Buchanan’s Newport Beach office arranged the transaction.

Construction is scheduled to begin in January, with a June 2004 completion date expected. The listing agents for the project are Brian DeRevere and Bob Goodmanson of the Anaheim office of CB Richard Ellis.

Burke Real Estate Group is a 30-year-old developer and manager of properties in Southern California and Texas that develops approximately $100 million in projects annually. The company is an active investment buyer and a manager of about 3.5 million sf of its own holdings. Burke specializes in facilities for small and medium-size businesses, having developed more than six million sf of industrial and commercial space throughout Southern California.

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