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 turned to Byline to provide a custom construction financing solution,” said John M. Barkidjija, Executive Vice President of Byline’s Commercial Real Estate and Specialty Finance Group. “We are excited to support another Time Equities transaction while furthering BCREG’s strategy of building lasting relationships with best-in-class sponsors.”
“We deeply value the longstanding relationship we have with Byline’s Commercial Real Estate Group. Byline was able to offer Time Equities a customized structure and close the loan efficiently. The execution was seamless, and we look forward to many more closings with this deal team,” said Stuart Bruck, Director of Mortgage Brokerage, Time Equities, Inc.
Byline was represented in this transaction by the law firm Duane Morris LLC.
About Byline Commercial Real Estate Group
Byline’s Commercial Real Estate Group (BCREG), headquartered in Chicago, provides first mortgage construction, bridge and permanent loans secured by properties in the Chicagoland area as well as nationwide for Tier One customers. Since 2014, BCREG has closed $2.4 billion of loans for its target market, focusing on multi-family (including student housing and active adult), industrial, self-storage and retail properties. For more information, visit www.bylinebank.com/commercial-real-estate.
About Byline Bancorp, Inc.
Headquartered in Chicago, Byline Bancorp, Inc. (NYSE: BY) is the parent company of Byline Bank, a full-service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $8.9 billion in assets and operates 48 branch locations throughout the Chicagoland and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and community banking products and services including small ticket equipment leasing solutions and is one of the top Small Business Administration lenders in the United States. Byline Bank is a member of FDIC and an Equal Housing Lender. For more information, visit www.bylinebank.com.
About Time Equities
Founded in 1966, Time Equities, Inc. (TEI) is a diversified investment, development, asset and property management, licensed real estate brokerage, and alternative energy company that has been in business for more than 57 years. The TEI portfolio includes approximately 43.2 million sq ft of residential, industrial, office and retail property including about 5,000 multi-family apartment units, approximately 635,000 sq ft in pending acquisitions, and 2.8 million sq ft of various property types in stages of pre-development and development. With 342 properties across 36 states, five Canadian provinces, Anguilla, Germany, Italy, the Netherlands, and Scotland, the TEI portfolio benefits from a diversity of asset types including non-performing loans, B-notes, and alternative energy investments. TEI has a variety of market concentrations in the Northeast, Southeast, Midwest and West Coast of the U.S., and new markets around the world are always being evaluated. For more information, please contact Stuart Bruck at (212) 206-6009.
Contact:
Investors / Media:
Brooks Rennie
Investor Relations Director
Byline Bank
(312) 660-5805
brennie@bylinebank.com
