EJF Capital JV Lands $23M for Phoenix-Area Warehouse
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Pacific Leading Lender supplied the loan for the venture, which is located in a Experienced Prospect Zone.
A partnership between EJF Cash LLC and Crimson Canyon has secured $23.4 million in development funding for the progress of a 326,000-square foot warehouse in Buckeye, Ariz.
Pacific Premier Bank funded the bank loan, with EJF OpZone Fund II LP committing $19.2 million in equity for the new growth.
The challenge is in a Experienced Option Zone, next the Tax Cuts and Work Act of 2017, which offers buyers tax rewards to enhance economic advancement in decreased-cash flow areas.
Located within a mile of Interstate 10 and shut to the Papago freeway, the industrial residence will be within 35 miles of downtown Phoenix and shut to other significant retail details in the region, which include Walmart Supercenter and Lowe’s Residence Enhancement.
Buckeye signifies a important location for a new warehouse in a booming market, owing to its effortless truck access to Bigger Phoenix and main ports in Los Angeles and Prolonged Beach front, Dominic Alba, controlling spouse of Crimson Canyon, said in a prepared assertion.
As a great amount of stores and logistics vendors have significant distribution facilities in the Phoenix metro place, Buckeye signifies an optimum selection for an industrial expense, benefiting from land availability and population advancement. Just a short while ago, Logistics Plus Inc. opened another 542,000-sq.-foot warehouse in the metro, adjacent to the Luke Air Force Base.
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