Byline Bank’s Commercial Real Estate Group (BCREG), based in Chicago, has successfully closed a $12 million financing deal for the construction of a 99,825-square-foot retail building in Maryville, Tennessee. The property is fully leased to BJ’s Wholesale Club, Inc., a warehouse retailer. The borrower is an affiliate of Time Equities, Inc., a New York-based developer.
This transaction marks the seventh collaboration between Byline and Time Equities and its affiliates. By leveraging their existing relationship with Time Equities, Byline was able to provide flexible funding arrangements for the revitalization of this once-vacant mall in Maryville. As part of this arrangement,BJ’s Wholesale Club will oversee the construction schedule and process for the facility. Duane Morris LLC represented Byline in this deal.
“We are thrilled to support another successful transaction with Time Equities while furthering BCREG’s strategy of establishing strong partnerships with top-tier sponsors,” stated John M.Barkidjija,EVPofByline’sCommercialRealEstateandSpecialtyFinanceGroup.This loan demonstrates our commitmentto providing expert financial solutionsforour clients.”
