Byline Bank’s Commercial Real Estate Group (BCREG) has closed on a loan for the construction of a 100,000-sq-ft industrial building in Tampa, Florida. The speculative development will deliver much-needed Class A industrial space to the airport submarket. The borrower is a joint venture between Stonemont Financial Group and PCCP.
This loan will be the first direct commitment between Byline and Stonemont, and the firms are excited to establish a meaningful partnership moving forward. The loan will assist in the ground-up development of a 32-foot clear, rear-load industrial building in an infill location in the airport submarket of Tampa. The thoughtfully designed building can house either a single tenant or multiple tenants, divisible down to 33,000-sq-ft to meet significant demand for small-bay industrial space. The location provides easy access to the airport and the rapidly growing Tampa metropolitan area.
“Byline has been working to establish a direct relationship with Stonemont for several years, and this infill, Class A industrial development project is a great starting point for what we expect to be a long-term and significant relationship,” said Matt Robertson, Senior Vice President for Byline’s Commercial Real Estate Group. “We are excited to support this transaction while continuing our focus on lending to best-in-class sponsors on a national basis.”
“We are excited to establish a lending relationship with Byline Bank,” said Travis DeBee, Senior Vice President, Capital Markets, for Stonemont Financial Group. “Matt and his team worked quickly from start to finish to put together an attractive financing package in a difficult lending environment. We look forward to expanding the relationship with Byline, who has a sophisticated team and an impressive national lending program.”
Byline was represented in this transaction by the law firm Blank Rome and Stonemont was represented by Jones Day.
About Byline Commercial Real Estate Group
Byline’s Commercial Real Estate Group (BCREG), headquartered in Chicago, provides first mortgage construction, bridge and permanent loans secured by properties in the Chicagoland area as well as nationwide for Tier One customers. Since 2014, BCREG has closed $2.4 billion of loans for its target market, focusing on multi-family (including student housing and active adult), industrial, self-storage and retail properties. For more information, visit www.bylinebank.com/commercial-real-estate.
About Byline Bancorp, Inc.
Headquartered in Chicago, Byline Bancorp, Inc. (NYSE: BY) is the parent company of Byline Bank, a full-service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $9.4 billion in assets and operates 48 branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and community banking products and services including small ticket equipment leasing solutions and is one of the top Small Business Administration lenders in the United States according to the national SBA ranking by the U.S. Small Business Administration by volume FY2023. Byline Bank is a member of FDIC and an Equal Housing Lender. For more information, visit www.bylinebank.com.
About Stonemont Financial Group
Stonemont Financial Group is a privately held real estate investment and development firm headquartered in Atlanta, GA, that was founded in 2007. The firm specializes in managing diversified strategies on behalf of public and private institutions alike, resulting in a portfolio of over $5B in assets under management. For more information, visit www.stonemontfinancial.com.
