“The past six years have tested everyone within real estate, and it's a remarkable achievement for our team to have withstood the recession and have the opportunity to continue to strengthen our industrial development platform,” says McCraney. “We take particular pride in the fact that we remained purpose-driven throughout and advanced our business through calculated and strategic risk.”

ORLANDO—McCraney Property Company just secured a loan of $65 million from BankUnited. The industrial developer will use the funds to refinance its legacy portfolio assets, which span over 1 million rentable square feet of shallow bay industrial.

The portfolio includes: Vista Business Center and Belvedere Business Park in West Palm Beach, FL; Orlando Central Park and Discovery Lakes in Orlando; and Treasure Coast Commerce Center in Stuart. BankUnited also recently providing partial financing for the company's acquisition of 78 acres of land at the intersection of County Line Road and Rice Road in Plant City, FL, which will be known as County Line Logistic Park.

“We secured the CMBS loan in the depths of the Great Recession when the availability of loans was scarce and rates weren't favorable,” Steven McCraney, CEO of McCraney Property. “Conversely, today rates are very favorable, and the 10-Year Treasury Note is perhaps at its lowest in recent memory. As such, the timing was perfect for us to exercise our option to exit the CMBS loan and secure a new loan through BankUnited, providing us more appealing terms and tremendous flexibility for the portfolio going forward.”

The most active developer in the niche of Industrial real estate development, e-commerce distribution facilities, management, and private acquisition in Florida's major markets, McCraney has developed 5 million square feet of speculative industrial space. In the past year alone, McCraney delivered over 1.3 million square feet and broke ground on over 1.2 million square feet in South and Central Florida.

“The past six years have tested everyone within real estate, and it's a remarkable achievement for our team to have withstood the recession and have the opportunity to continue to strengthen our industrial development platform,” says McCraney. “We take particular pride in the fact that we remained purpose-driven throughout and advanced our business through calculated and strategic risk.”