BWE Arranges Construction Loan for Phoenix-Area Industrial Project
BWE has secured a $29 million first mortgage construction loan for Echo Park @ P132, a four-building, 183,000-square-foot industrial property in Surprise, on the NW side of Phoenix. The borrower was 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 BWE’s Daniel 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 building features 2,500 square feet of speculative office space.
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.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.