Dekel Capital, Los Angeles, arranged $34.3 million in construction financing for a speculative 537,000-square-foot, Class-A logistics facility in Lakeland, Fla., on behalf of Xebec Holdings, Dallas, Texas.

“This is the third financing we’ve sourced for Xebec over the past several years,” says Shlomi Ronen, principal of Dekel. “Due to their previous relationship with this best-in-class sponsor, the lender was confident with Xebec’s ability to execute its business plan in the very strategic Interstate-4 industrial corridor that serves Tampa and Orlando. As a result, we were able to secure a high leverage loan at very attractive pricing.”

Xebec, which acquires, develops and redevelops logistics, last-mile fulfillment and light manufacturing facilities, will begin construction in January 2019. When completed in the fourth quarter of 2019, the single-tenant cross dock bulk logistics facility, located on a 60-acre site along Interstate-4 near Lakeland Hills Boulevard, will feature 36-foot clear height and 185-foot truck courts with 121 docks, 426 automobile parking spaces and 107 container parking spaces.

“While there is excess liquidity in the real estate capital markets, the availability of construction financing remains relatively constricted,” adds Ronen. “However, the last-mile needs of e-commerce have reshaped the industrial real estate model and construction debt is available for new and urban infill development.”