A group of developers obtained a $40.78 million construction loan to start work on a large industrial project in Lake Park.
Wells Fargo Bank provided the mortgage to ASVRF Silver Beach Road LLC, a partnership between Los Angeles-based American Realty Advisors, Atlanta-based Ridgeline Property Group, and Fort Lauderdale-based Mitchell Property Realty. It covers the 24.2-acre property located at 1600 Silver Beach Road, just east of Congress Avenue.
Called Silver Beach Industrial Park, the project will total 380,000 square feet in four buildings with 32-foot clear ceiling height.
CBRE’s Robert Smith, the leasing broker for the project, said it will break ground in December.