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July 12, 2024
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Commercial Real Estate Financing Briefs

6/13/24

CUSHMAN & WAKEFIELD EQUITY, DEBT & STRUCTURED FINANCE -- Rob Rubano, Brian Share, Max Schafer, Lars Weston and Billy Coyle with Cushman & Wakefield secured $64.1 mil in financings for the acquisition of a Class A industrial portfolio comprising two newly built, multi-building business parks totaling 563k sf in Metro Phoenix. The borrower was Newport Beach-based CapRock Partners. The assets secured by the financing included Chandler Airport Business Park totaling 318.7k sf in the city of Chandler and Longbow Industrial Center totaling 244.3k sf in the city of Mesa. The two premier projects were both recently delivered in 2024 with leasing activity underway. A $38.5 mil floating-rate, bridge loan for Chandler Airport Business Park was provided by was provided by funds and accounts managed by BlackRock’s US Real Estate Debt, and an approximately $25.6 mil floating-rate, bridge loan for Longbow Industrial Center was provided by California Bank & Trust in May. Will Strong, Molly Hunt and Michael Matchett of Cushman & Wakefield’s National Industrial Advisory Group (“IAG”)—Mountain West also provided market advisory in the deals.

The transaction was a unique acquisition of two newly developed state-of-the-art industrial assets that have been thoughtfully designed to meet the demand for Class A product offering modern logistical features and functionality. Located approximately 20 miles apart, both parks are strategically positioned along major arterials in the highly sought after Loop 202 Corridor of the Southeast Valley of Phoenix, one of the highest-growth industrial markets in the Phoenix MSA with efficient access across the region and major West Coast distribution hubs and critical ports.

BWE -- Tom Kenny and Josh Boehling with BWE originated a three-year, interest-only $55.5 mil loan from a life company lender for Plaza de Perris, a 363.6k sf regional retail center in Perris, CA on behalf of Wood Investments Companies Inc. Additionally, the team secured an $11 mil, joint-venture equity investment to complete the recapitalization and final stage of the project by bringing another national co-anchor to the center on a long-term lease. Located directly off the region-spanning I-215, Plaza de Perris is a one-stop shop from groceries to fitness to dining anchored by grocer Food4Less, Ross Dress for Less, Ulta Beauty, Burlington Coat Factory, Planet Fitness, Five Below, and more. The property is 99% leased, and after new development takes place, Target will join.

1943 W. Aster Dr, Phoenix
1943 W. Aster Dr, Phoenix
TOWER CAPITAL -- Tower Capital arranged $23.1 mil in permanent financing for the refinance of North Mountain Foothills, a 194-unit multifamily community in Phoenix. The property, located at 1943 W. Aster Dr, was a broken condominium project when the borrower first started purchasing the units between 2010 and 2012. After acquiring 100% of the units, the HOA was dissolved, and the property has been operated as a traditional multifamily complex serving the workforce community. Over the years the borrower performed significant renovations throughout the exterior and interior of the property, with significant mechanical, electrical, and plumbing upgrades, effectively repositioning the asset in the market.

North Mountain Foothills is centrally located in the heart of North Phoenix at I-17 and Cactus Road, near a light rail connection. Recent capital improvements touched on interior unit renovations, roofing and A/C, and refurbishment of the front leasing office, to name a few. The communities’ floor plans range from studios, as well as one- to three-bedroom apartment homes. The site is near restaurants, schools, parks, and major employers. The family-oriented and pet friendly property offers Mountain views and spacious living. Community amenities include a resort-style pool, BBQs, an on-site laundry and a basketball court.

6447 N Cutter Circle, Portland
6447 N Cutter Circle, Portland
GANTRY -- Tony Kaufmann and Joe Foley with Gantry secured a $16.25 mil permanent loan for the acquisition of a Class A warehouse facility 100% occupied by FedEx Ground, on behalf of a private investor. The 212k sf, 126-door, cross-docked facility is located at 6447 N Cutter Circle in Portland, within the logistically relevant Swan Island industrial submarket. The property has been occupied by FedEx for decades and was fully redeveloped in 2015. It is strategically positioned for efficient logistics, with ready access to the Port of Portland, I-5, Union Pacific Railroad, and the Portland International Airport. The long-term fixed rate loan was funded through a life company lender and structured with a term that exceeds the tenant’s firm lease term. The loan is half-term, interest-only, followed by a 30-year amortization period.




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