MCA Closes $28,880,000 Commercial Construction Loan for Office & Industrial Space in OKC

DALLAS, May 2013 — 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 $13,500,000 construction loan for a Build-to-Suit Industrial building fully occupied by Shurtech along with a $15,380,000 renovation loan to convert a former hotel property into a Class A office building. Both projects are located in OKC.

shurtech-office-oklahoma-city

The Shurtech project consists of a 280,000 s.f. warehouse and office. The Sponsor purchased 25.02 acres of land on the southwest corner of Interstate 35 and East Britton Road in a highly desirable industrial area in northeast Oklahoma City. Shurtech will occupy 100% of the new building project on a long term lease.

The hotel conversion project was formerly known as Lincoln Plaza. The Sponsor purchased the property out of foreclosure in 2011 from a bank. The vacant hotel was no longer operational.

class-a-office-buildingThe site is located at 4542 N. Lincoln Blvd. between the Oklahoma University Medical Center and the I-44/I-235 interchange. Under the classification of “adaptive use”, the Sponsor intends to redevelop the non-operating hotel into a 296,000 SF Class “A” office building. The Project will be developed in two (2) phases, with the first phase entirely leased by the Oklahoma Health Care Authority (OHCA).

MCA Senior Directors, Todd McNeill & Sunny Sajnani were responsible for arranging the financing with two separate FDIC Banks.

Since 1992, Metropolitan Capital Advisors has closed in excess of $8.5 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 $150,000,000 of commercial real estate financing during 2013.

Posted on by Scott Lynn in Commercial Real Estate Finance, News 3 Comments