Affinius Capital Provides $67M Refi for Northern California Industrial
Phelan Development and LaSalle Partners are sponsors for the two-building warehouse
By Brian Pascus November 19, 2025 11:02 am
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A joint venture between Phelan Development and LaSalle Partners has secured $66.7 million to refinance Lathrop II, a two-building industrial warehouse development that spans 847,000 square feet in Lathrop, Calif., Commercial Observer can first report.
Affinius Capital provided the loan, while Preferred Capital Advisors’ Craig Zarro arranged the financing.
Eric Cohen, Affinius Capital’s managing director and co-head of debt origination, noted that Lanthrop II is a recently completed industrial property that enters a submarket with “strong fundamentals” and access to “key demand drivers,” being located in Northern California’s Central Valley.
“That should position it well to capture growing tenant demand in the region,” he added
Located at 17995 Murphy Parkway in Lathrop — a sister city of Stockton within Northern California’s San Joaquin Valley — Lathrop II features one industrial building spanning 457,000 square feet and another totaling 390,000 square feet.
The property sits along Highway 120 and has direct access to Interstate 5, Highway 99, and Interstate 205, giving the industrial warehouse access to Sacramento in the north and Los Angeles in the south.
Brian Pascus can be reached at bpascus@commercialobserver.com.
