Envoy's recent closing of a $2 million-plus loan in central Colorado for a FedEx ground package facility marks the company's entry into the industrial build-to-suit market.
The transaction, completed under a new construction loan program serving the capital needs of net lease preferred developers, allowed a FedEx preferred developer to achieve 95 percent loan-to-cost construction financing for a pre-leased, single tenant distribution facility located across from Eagle County Regional Airport.
Envoy worked in tandem with its senior bank partner to provide the subordinated financing as a part of a wrap construction loan for this package distribution facility that will serve the communities around the ski resorts of Vail and Beaver Creek.
“Envoy is pleased to have the opportunity to help FedEx Corp.," says Ralph N. Cram, Chief Operating Officer of Envoy. "And its preferred developer finance their ongoing expansion plans to meet their customers’ needs for faster delivery times.”