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Seattle & Northwest  + Seattle  |  March 26, 2024
Jasmine Kilman
By: Jasmine Kilman

Bridge Industrial Secures $413M for Tacoma Logistics Park Project

Bridge Industrial has obtained a $150 million mezzanine loan from funds managed by Mesa West Capital and Morgan Stanley Real Estate Investing for the planned 2.5 million-square-foot Bridge Point Tacoma 2MM in Tacoma, Washington.

The mezzanine loan, along with a $263 million first mortgage construction loan originated by Bank OZK, provides total loan-to-cost financing of 65 percent. The five-year interest-only mezzanine loan was co-originated by MWC, a debt investment manager, and MSREI, the global private real estate investment management business of Morgan Stanley.

Bridge Point Tacoma will be a 2.5 million-square-foot Class A logistics campus on 136 acres. Plans call for three cross-docked warehouse and distribution buildings ranging from 520,000 to 960,000 square feet and a 335,000-square-foot rear-load warehouse.

The financing was arranged by James Muhlfeld of Eastdil Secured. In 2023, Bridge Industrial acquired a 13-acre site in Kent to build Bridge Point Kent 180, a 180,000-square-foot warehouse and distribution project.

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    Bridge IndustrialBank OZKMesa West Capital

    About Jasmine Kilman

    Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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