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Phoenix & Southwest  + Phoenix  + Industrial  | 
Yuma 143 owners secures $39M refi

Three-Way JV Funds Goodyear Industrial Park Refi

Phoenix-based Baker Development Corporation (BDC), and New York’s Foundation Capital Partners (FCP), along with joint venture partner GTIS Partners, have secured a $39 million refinance loan for Yuma|143, a recently completed, 490,278-square-foot Class A industrial development in Goodyear. The project cost $45 million to build. The project reached 100% occupancy just last week, with the last of three major lease commitments. 

A Newmark Debt and Structured Finance team led by Dustin Stolly arranged the loan. Arizona Bank and Trust provided the loan.

In early 2022, the project secured a full-building, 300,100-square-foot pre-lease for the entire 14170 building from HelloFresh subsidiary Factor 75 for its food processing operation, which includes a significant freezer-cooler component.

The adjacent, 190,178-square-foot 14160 building is fully leased to two tenants. Maryland-based Apex Tool Group and Romac Industries.

Connect Texas Multifamily 2023 will take place on Aug. 22, 2023 at Virgin Hotel in Dallas. Click here for more information and to register.


Inside The Story

Baker Development

About Mike Boyd

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.

  • ◦Financing
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