Mesa West Capital and Morgan Stanley Real Estate Investing funds have provided a $150m (€137.8m) loan to help Bridge Industrial develop a logistics park in the Pacific Northwest region of the US.
The pair’s mezzanine loan along with a $263m first mortgage construction loan originated by Bank OZK will help finance the Bridge Point Tacoma in Washington State.
The 2.48m sqft Class-A logistics park is situated on a 136-acre site off Interstate 5, six miles from the Port of Tacoma.
Mesa West Capital’s executive director Josh Westerberg, who led the origination team along with associate Jack Condon and analyst Jacob Rosen, said: “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.
“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.”
Condon said: “Bridge Industrial is one of the premier industrial developers in the nation and we’re very pleased to be financing such a quality development as Bridge Point Tacoma.”
Will Milam, the head of US investments for Morgan Stanley Real Estate Investing, said: “We are excited to be working with such an accomplished developer on this compelling new project and one of the few developments of this scale likely starting this year.”
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