Nancy Dockerty of Dockerty Romer & Co., has arranged permanent mortgage financing in the amount of $5,500,000 for a small bay industrial warehouse property located in West Palm Beach, FL.
The subject property, known as Hooper Industrial is located at 7641 & 7673 Hooper Road. Built in the 1980’s and recently renovated, it totals 69,120 SF, with two-buildings, on 6. 4 acres. The property is currently 100% leased to multiple tenants.
Dockerty Romer & Co. arranged the financing through KeyBank on behalf of their client Hooper 76, LLC headed by Brett Schlacter and Shane Decker. KeyBank provided a competitive 10-year, interest only fixed-rate mortgage. Dockerty commented that, “This was a highly sought-after assignment due to the asset type, the industrial market is very strong in South Florida and these small bay properties maintained their occupancy thru the pandemic.” Dockerty went on to say, “The property owners did an excellent job of upgrading the asset and bringing the rents to market levels, thus creating value in a short period of time.”
About Dockerty Romer & Co.
Dockerty Romer & Co., a RECA member, based in Delray Beach, Florida is a full-service commercial mortgage banking firm specializing in the capitalization of income producing properties. Dockerty Romer & Co. has closed nearly $5 Billion of real estate transactions since its inception in January 2000. (www.dockertyromer.com)
About KeyBank Real Estate Capital
KeyBank Real Estate Capital is a leading provider of commercial real estate finance. Its professionals, located across the country, provide a broad range of financing solutions on both a corporate and project basis. The group provides interim and construction financing, permanent mortgages, commercial real estate loan servicing, investment banking, and cash management services for virtually all types of income producing commercial real estate. As a Fannie Mae Delegated Underwriter and Servicer, Freddie Mac Program Plus Seller/Servicer, and FHA approved mortgagee, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including affordable housing, seniors housing and student housing. KeyBank Real Estate Capital is also one of the nation’s largest and highest rated commercial mortgage servicers. The parent company of KeyBank Real Estate Capital, KeyCorp, traces its roots back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $170.3 billion as of December 31, 2020.
Charles Flanary, Senior Mortgage Banker, lead the deal for KeyBank. Charles commented, “It was great to work with the Dockerty Romer & Co. team again, and play a part in this successful transaction. Nancy Dockerty, as well as the sponsors, Brett and Shane, were very responsive and thorough, and made for a smooth closing process.”
