Phoenix-Area Business Park JV Scores $160M Construction Loan

Square Mile Capital Management has originated a $160 million loan to finance the ground-up development of Goodyear AirPark Phase One, an approximately 1,625,586-square-foot industrial complex under construction in Goodyear, AZ. The loan, which was co-originated with Bank OZK, was made to a joint venture between LPC Desert West and an affiliate of Cerberus Capital Management, L.P.

Square Mile Capital Managing Director Tom Burns commented, “This transaction offered a compelling opportunity to provide construction financing to two leading institutional owners, Lincoln Property Company and Cerberus, for an impressive 1.6 million-square-foot industrial development. Arizona’s Southwest Valley continues to benefit from strong industrial tenant demand driven access to two of the most active container ports in the U.S.”  

Goodyear AirPark Phase One is the first phase of the multi-phase Goodyear AirPark project that, at build-out, will total up to 20 Class A industrial buildings. The property is located next Interstate 10 and to the Union Pacific Railroad, within a foreign trade zone.