"We definitely had to shop this deal around to find a lender," says Adam Horowitz, an associate managing director with Manhattan-based AFC Realty Capital. "This was a large enough deal that it warranted a large institutional partner." Cleveland-based KeyBank cleared a three-year loan at a floating rate of Libor plus 175 basis points for Florida Capital Land Corp. to build out 59 acres at the intersection of US Highway 288 and County Road 59.

Horowitz tells GlobeSt.com that the deal was challenging because the project was Florida Capital's foray into Texas. Houston's lack of zoning always presents a problem for most lenders, he adds. "Fortunately, KeyBank had an innate understanding of the Houston market," says Horowitz, who partnered with Michael Sonnabend, AFC Realty principal, to arrange the financing.

"There's a lot of industry pushing growth south toward Pearland," Horowitz says. "This is a great piece of land and a great project in a burgeoning area."