BY - Byline Bank Commercial Real Estate Group Provides $12M to Finance the Construction of Retail Building for Time Equities | Benzinga
CHICAGO, March 19, 2024 (GLOBE NEWSWIRE) -- Byline Bank's Commercial Real Estate Group (BCREG) has closed on $12 million in financing for the construction of a 99,825-sq-ft retail building in Maryville, Tennessee, fully leased to the membership-only warehouse retailer BJ's Wholesale Club, Inc. The borrower is an affiliate of the New York-based developer Time Equities, Inc.
This loan, the seventh transaction Byline has financed for Time Equities and its affiliates, is enabling the full revitalization of a once-vacated mall in Maryville. Originally situated with a JCPenney at one end and a Sears on the other, the endcaps sat empty for several years until the Sears was repurposed as a Publix grocery store in October 2023. Once completed, the BJ's Wholesale Club will be located within the former JCPenney space. The redevelopment of this property brings new employment opportunities and provides the community with more local retail options for groceries and household staples.
Byline's existing relationship with Time Equities enabled a more flexible funding arrangement, in which BJ's Wholesale Club will be responsible for the schedule and construction of the facility.
"With turbulent debt markets and a construction loan request that needed flexibility to accommodate the tenant's funding and construction requirements, Time Equites ...