Dallas, Texas-based Metropolitan Capital Advisors (MCA), a financial intermediary specializing in the exclusive representation of investors, developers, and property owners in the commercial real estate capital markets, has arranged a construction loan for a to-be-built industrial building located at the northeast corner of Interstate 35 and East Hefner Road Oklahoma City, Oklahoma. The 125,000 s.f. project known as Northgate 125 will consist of 117,500 s.f. of warehouse space, 7,500 s.f. of office space, ten (10) truck docks, and twenty-one (21) parking spaces.
Northgate 125 is located within the Northgate Industrial Campus. The campus consists of four (4) existing buildings with a total of 602,379 s.f. that are 100% occupied. The project is being developed by Gardner Tanenbaum, who currently owns another 280,000 s.f. industrial building within one mile that is also 100% occupied. The Northeast Oklahoma City submarket currently has a 1.9% vacancy rate.
The $5,560,000 loan carried an interest rate of 3.75% with a total term of five years along with a twenty-five-year amortization once the property achieves 70% occupancy.
MCA Senior Directors Todd McNeill and Sunny Sajnani were responsible for arranging the construction loan on behalf of a partnership controlled by the project developer.
Since 1992 Metropolitan Capital Advisors has closed in excess of $9.3 billion of debt and equity transactions. National Real Estate Investor Magazine has consistently ranked MCA as one of the top CRE Financial Intermediaries in the US. MCA has already closed over $300 million of commercial real estate financing during 2014.