Byline Bank Provides $26.5 Million Construction Loan for Industrial Real Estate Development on Florida's Space Coast
Byline Bank's Commercial Real Estate Group (BCREG) has closed a $26.5 million construction loan for NASA Causeway Logistics Center, a Class A industrial real estate development in Titusville, Florida, the bank announced June 4. The project is being developed by Stotan Industrial in partnership with CrossHarbor Capital Partners within the Space Coast logistics corridor.
Project Details and Industrial Real Estate Specifications
NASA Causeway Logistics Center will comprise two warehouse and logistics buildings totaling approximately 306,980 square feet on a 28.6-acre site within the established Vector Space Business Park. Building A will span 215,460 square feet, while Building B will measure 91,520 square feet.
The facilities are designed with 32-foot clear heights, up to 85 dock-high doors, four drive-in doors, more than 300 auto parking spaces, and 55 trailer parking stalls. The project is designed to accommodate warehousing, distribution, manufacturing, and aerospace-related activities. Construction is expected to begin immediately, with delivery anticipated in the second quarter of 2027.
The development is located adjacent to the intersection of US-1 and the NASA Causeway, providing access to Kennedy Space Center, Port Canaveral, Interstate 95, State Road 528, and Melbourne Orlando International Airport.
Commercial Real Estate Financing and Lender Rationale
The commercial real estate financing was led by Byline Bank team members Sarah Hunter, Mason Tittle, Matt Smith, Matt Robertson, and Eric Estela. The transaction also marks a new client relationship for Byline Bank with both Stotan Industrial and CrossHarbor Capital Partners.
"This was a deal in which understanding the submarket really mattered," said Sarah Hunter, Senior Vice President of BCREG. "The team spent considerable time and due diligence evaluating the supply and demand dynamics along the Space Coast and came away with deep confidence in both the location and the long-term need for newer industrial products in the area."
"NASA Causeway Logistics Center stands out because of its location, access and flexibility," said Matt Robertson, Senior Vice President of BCREG. "The project is well positioned to fill a gap in the market where there is still relatively limited Class A inventory and serve a variety of users looking for modern industrial space."
Preleasing levels, leverage, loan rate, maturity, and recourse details were not disclosed in the announcement.
Space Coast Industrial Market Context
Industrial activity along Florida's Space Coast has been supported by aerospace investment, advanced manufacturing, and port-related operations. NASA, SpaceX, Blue Origin, Lockheed Martin, Boeing, Northrop Grumman, L3Harris, and Embraer are among the regional employers and operators the bank cited as contributing to long-term demand for warehouse and logistics space in the area.
BCREG noted that Class A industrial inventory in the area remains relatively limited, which the lender identified as a factor supporting the project's market positioning.
About Byline Bank's Commercial Real Estate Group
BCREG is headquartered in Chicago and 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, the group has closed $3 billion in commitments, with a focus on multifamily real estate — including student housing and active adult — industrial real estate, self-storage, and retail real estate.
Specific loan terms, including interest rate, maturity, and recourse structure, were not disclosed in the announcement.