Emerald Creek Capital Lends $32M on Miami Industrial Buy
By Andrew Coen October 3, 2024 2:54 pm
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East Capital Partners (ECP) has sealed $32.2 million of bridge financing for the acquisition and repositioning of a Miami area industrial asset, Commercial Observer has learned.
Emerald Creek Capital provided the floating-rate loan for ECP’s $48 million purchase of the Skylake Industrial Park in North Miami Beach, according to the lender. The seller of the 1981-built, 210,000 square-foot property was not disclosed.
“The buyers of the property were facing a tight time frame to close on the acquisition and needed a lender who they were confident would be able to close within a 30-day time frame,” Mike Cleaver, managing director of Emerald Creek, said in a statement. “We were impressed with ECPs experience in owning and managing these types of properties and felt confident in their ability to execute on the business plan.”
Cleaver noted that ECP plans to upgrade the property at 19501 NE 10th Avenue. He said demand for South Florida warehouse properties “continues to be strong,” particularly for smaller properties that can rent to a wide variety of service-oriented tenants with industrial or storage needs.
“The Skylake Industrial Park deal was particularly compelling given the asset’s ideal central location just west of Aventura and the broader market’s strong industrial fundamentals and barriers to entry,” Drew DeWitt, co-founder of ECP, said in a statement.
JLL arranged the transaction with a debt placement team of Melissa Rose and Jovi Rodriguez.
Andrew Coen can be reached at acoen@commercialobserver.com
