Developers obtain $26 million construction loan for Hialeah warehouse

East Capital Partners and ViletCo Enterprises obtained a $26 million construction loan for a spec warehouse in Hialeah.

First Bank Puerto Rico, doing business as FirstBank Florida, provided the mortgage to co-developers WGC 97th Property LLC, managed by Drew T. DeWitt, co-founder of Darien, Connecticut-based East Capital Partners, and NV Toro Owner, managed by Klaas F. Vlietstra, head of VlietCo Enterprises in Miami. It covers the 9.4-acre site at 16300 N.W. 97th Ave.

The developers broke ground on the 170,000-square-foot warehouse in May. Miller Construction is the general contractor, and RLC Architects designed the project.

In a recent interview with the Business Journal, DeWitt said the warehouse should be ready in April 2025. Devin White from CBRE is the leasing agent.

The developer acquired the mostly vacant property for $12.95 million in 2022.

According to the first quarter report from CBRE, there was 7.34 million square feet of industrial construction in Miami-Dade County, including 409,189 square feet in Hialeah and another 2.4 million square feet in neighboring Miami Lakes. There was 591,911 square feet of positive net absorption during the quarter. However, the report noted that 74% of the industrial space projected to be delivered by the end of 2024 remains available for lease.

Source: https://www.bizjournals.com/southflorida