Done Deals: $30 million construction loan secured for Phase IV of Carrie Meek International Business Park in North Central Miami-Dade County, FL

Thursday, June 13, 2024

$30 million construction loan secured for Phase IV of Carrie Meek International Business Park in North Central Miami-Dade County, FL

Maddy McMillen

MIAMI,FL –  JLL Capital Markets has arranged a $30.1 million construction loan for the development of Phase IV of Carrie Meek International Business Park (‘Meek Phase IV’), a two-building, Class A industrial project in Opa-Locka, Florida.

Melissa Rose

JLL worked on behalf of the borrower, a joint venture between Foundry Commercial and Clarion Partners, to secure the three-year construction loan through a national bank.

John Rose

The project sits on 21.38-acres of the 122-acre Carrie Meek International Business Park and is subject to a ground lease with the Opa Locka Executive Airport in North Central Miami-Dade County, Florida.

The property has easy access to major interstates, including Interstate 95, the Florida Turnpike and Interstate 35, providing connectivity throughout Southern Florida and beyond. Miami is widely considered one of the country’s strongest industrial markets due to intense land constraints and robust tenant demand.

Rendering: Development of Phase IV
of Carrie Meek International Business Park,
a two-building, Class A industrial project
in Opa-Locka, FL

Meek Phase IV will feature 374,000 square feet of Class A industrial product, constructed across 179,000-square-foot and 194,000-square-foot buildings – both 248-foot, deep rear-load with 36-foot clear heights and approximately 3.0% office finish. The building sizes are suited for various single-tenant users as well as highly complementary to multi-tenant strategies.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Melissa Rose, Senior Managing Director John Rose and Associate Maddy McMillen.