Developer refinances industrial properties

McCraney Property Co. of West Palm Beach said it secured a $65 million loan from BankUnited to refinance industrial properties across Florida.

Among the properties that will be refinanced are Vista Business Center and Belvedere Business Park, both in West Palm Beach.

BankUnited also provided partial financing for McCraney’s acquisition of 78 acres in Plant City, near Tampa. The company is building a business park there.

McCraney says it has developed about 5 million square feet of industrial space. It’s considered “speculative” development because it’s built without signed leases from tenants.

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