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April 24, 2024
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Washington Logistics Development Obtains $150 Mil in Mezzanine Financing


Bridge Industrial has secured a $150 mil mezzanine loan to finance Bridge Point Tacoma, a 2.48 msf, Class A logistics development the firm is building in Tacoma, WA. The mezzanine loan, along with a $263 mil first mortgage construction loan originated by Bank OZK, provided total loan-to-cost financing of 65%.

The five-year interest-only mezzanine loan was co-originated by MWC, a debt investment manager offering owners and investors a wide variety of financial solutions throughout the capital stack to help navigate today’s challenging economic environment, and MSREI, the global private real estate investment management business of Morgan Stanley. The financing was arranged by James Muhlfeld of Eastdil Secured.

Bridge Point Tacoma is situated on a 136-acre site off of Interstate 5, six miles from the Port of Tacoma. Bridge Point Tacoma will consist of three cross-docked warehouse and distribution buildings ranging in size from 520k sf to 960k sf feet along with a 335k sf, rear-load warehouse building. Each will be built to Class A specifications and feature 40-foot clear heights, 130-foot trailer court depths, ample dock high doors and trailer parking.

“Upon completion, Bridge Point Tacoma will offer tenants premium, Class A industrial space in an ideal location near the port of Tacoma and Interstate 5,” said Mesa West Capital Executive Director Josh Westerberg who led the San Francisco-based origination team along with Associate Jack Condon and Analyst Jacob Rosen. “There is very little supply in the greater Seattle-Tacoma industrial market that offers top-quality Class A bulk distribution product in a location such as this; Bridge Point Tacoma will command premier rents in the marketplace.”

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