BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured first mortgage construction financing for Echo Park @ P132, a four building, 183,000 square foot industrial property in Surprise, AZ, part of the West Valley and Phoenix metropolitan area.
Daniel Rosenberg, Executive Vice President in BWE’s Boca Raton, FL, and Chicago office, and Logan Petersmeyer, Senior Analyst in BWE’s Chicago office, originated the loan from a debt fund on behalf of the borrower, Echo Real Estate Capital, a Chicago-based developer with multiple industrial developments in Arizona.
“While traditional construction lenders like banks have pulled back in the face of suboptimal economic conditions, we worked diligently with our client to find a lender that would provide loan terms that went above and beyond what are typically found in this environment,” said Rosenberg.
Echo Park @ P132, totaling approximately 183,000 square feet, will consist of four separate small bay buildings ranging from 42,000-48,000 square feet. The buildings are to feature 2,500 square feet of speculative office space, 30-foot clear heights, dock high doors, drive-in doors, LED lighting, secured concrete yards, 115 total parking spaces, and will be fully air conditioned.
“Securing financing in today’s environment speaks to BWE’s institutional knowledge and the strength and breadth of their relationships in the capital community,” said Oliver Plotkin, Principal with Echo Development.
The development is situated within minutes of several key highways and interstates, providing easy and efficient transportation connections across the Phoenix metro area and the entire West Coast. Phoenix’s West Valley is one of the nation’s most thriving industrial real estate markets, driven in part by the explosive growth of Phoenix itself and its proximity to Southern California.
The success of the P132 transaction follows the recent closing of $110MM in construction financing for a 294-unit multifamily development in Skokie, IL, which was executed by Rosenberg and Petersmeyer in October.