Bank of America is the senior lender on $75m of financing provided for the Hialeah Rail Yards near the Miami Airport in Miami, Florida, Real Estate Capital has learned.
BOA provided a $48.5m senior loan, sources said, while Square Mile announced that it provided the $26.5m balance in the form of a mezzanine loan on the 228-acre rail yard.
The property is owned by Florida East Coast Industrial (FECI), an affiliate of Fortress Investment Group, and is subject to a 99-year lease to Florida East Coast Railway.
Fortress acquired Florida East Coast Industries Inc. (FECI) in 2007 for a reported $3.5bn. FECI’s Florida East Coast Railway business is a regional freight railroad that operates 350 miles of mainline track between Jacksonville and Miami.
The lenders declined to comment on the loan terms or what the funds will be used for. Fortress did not immediately respond to requests for comment.
Square Mile’s Jeffrey Fastov, senior principal in charge of the firm’s debt investment platform, said: “Economic conditions in South Florida are very strong overall, with the Hialeah Rail Yards providing an important link to the Miami seaport to support future shipping growth. We were pleased to be able to take advantage of such a terrific opportunity connected to that growth.”