August 12, 2019
Mesa West Capital provided an $87.95-million, five-year, floating rate debt package for the acquisition and lease-up of a recently delivered one-million-square-foot industrial building in Riverside, CA’s Sycamore Canyon submarket. The sponsor, a JV led by Los Angeles-based Dedeaux Properties, acquired the asset from unnamed institutional industrial developer through a forward transaction.
Situated on 52-acres of land, the cross-dock building features 147 dock-high doors, a 710-foot building depth, 185-foot secured concrete truck courts, and a 36-foot clear height. Given the property was being delivered vacant, the loan was capitalized with a future funding facility for leasing costs.
Strong market fundamentals, coupled with an experienced local owner and operator of the newly-constructed institutional quality building, were big draws. Mesa West’s Danielle Duenas notes, “We’re continuing to look to finance industrial product in select markets, a space where bridge financing has not traditionally been utilized, given the construction to perm dynamic and competitive landscape for this asset class.”
For comments, questions or concerns, please contact Dennis Kaiser