Mack Scores $63M Financing for Phoenix Warehouse Construction

Mack Real Estate Group (MREG) announced that the initial phase of Mack Innovation Park Scottsdale is fully financed and breaking ground imminently.  MREG secured approximately $63 million of debt financing for the construction of the two-building, 305,400 first phase of development on a 124-acre infill site in North Scottsdale with a capacity of 1.2 million square feet across 11 buildings. The site has access to Pima and Bell roads and the Loop 101 freeway. 

Bank OZK provided $43 million of first mortgage construction debt, and PGIM Real Estate provided $19.78 million of construction mezzanine financing.  The JLL Capital Markets team of Chris Peck, Brad Miner, Jason Carlos, Tyler Peck and Jarrod Howard arranged the financing package. Leasing agents are Mitch Stravitz and Rusty Kennedy of CBRE, James Cohn of Stream Realty, and Randy Shell of Shell Commercial. 

The project team consists of Willmeng, the general contractor, and Butler Design Group, the architect.