AVE Aviation Gets $20M in Construction Financing

Grandbridge Real Estate Capital, a subsidiary of Branch Banking and Trust Company (BB&T), announced this week that it had secured $20,150,000 in first mortgage construction loans for two new industrial warehouse buildings at the AVE Aviation and Commerce Center in Miami. The loan, provided by BB&T, was provided to CPF Investment Group, the developer of the mixed-use business park. The funding will finance the development of two new buildings with approximately $9 million being allocated to construct Building "EF" and about $11.25 million for the construction of Building "J". Terms of the deal were not disclosed.

"Supply for Class A warehouse and distribution space is very limited east of the Palmetto Expressway (State Road 826)," said Ernesto Cambo, principal of CPF Investment Group. "Our unique location coupled with access to the airfield is a formula for a world-class business park."

"BB&T saw the benefits of AVE Aviation and Commerce Center, and Mr. Cambo’s ability to construct and lease up Class A industrial buildings in even the most challenging of economic times," Carlos Moore, senior vice president with BB&T, said of the deal. "Buildings EF and J are a continuation of an established lending relationship with Mr. Cambo."

"The loan was tricky given the fact that preleasing was less than 50 percent. However, the sponsor has a solid, 20-year track record of successful industrial development in Miami, which helped BB&T get comfortable with the transaction", added BB&T senior vice President Phil Carroll.

The AVE Aviation and Commerce Centre is a master planned 2.6 million square foot mixed-use business park on 178 acres on western region of the Opa Locka Airport. The buildings are 32 percent preleased to Turbopower, an aircraft engine repair firm; other tenants of the AVE Aviation and Commerce Center include the U.S. Postal Service, Off Lease Only, ArjoHuntleigh, Goodyear, Banyan Air Service, and SunTrade Imports.

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