Lakeland warehouse developers get $16 million construction loan

The Fort Lauderdale development firm Altman has obtained $16 million in construction financing to build an infill warehouse development north of Interstate 4 in Lakeland.

The firm is developing the property as part of a joint venture between its operating platform, Altman Logistics Properties, and FRP Development Corp.

The financing is through Seacoast Bank. The terms were not disclosed.

Apex Logistics at Lakeland, as the development will be known, is being built on 22.5 acres just south of State Road 33 in Polk County on the site of recently demolished one-story office building. The facility will be 202,000 square feet.

The property is at 8255 State Road 33 N. According to county records, an LLC tied to Altman paid $2.8 million for it last year.

Altman says in a statement that site work on the property will begin this quarter and that vertical construction will begin in the fall. A “projected substantial completion” is expected for the first quarter of next year.

The joint venture is in the process of developing another project, Apex Logistics Park at Signature Grand in Davie. That project is expected to be 182,000 square feet and will be built on an 11.3-acre site where an events and catering space formerly stood.

Altman is also nearly finished building Apex Logistics Park at Delray, a 200,000-square-foot logistics warehouse development in Delray Beach. The plans call for the construction of an additional 472,000 square feet for a total of three planned state-of-the-art industrial buildings, according to the statement.

Melissa Rose, Michael DiCosimo and Val McWilliams of JLL Capital Markets assisted with the financing.