Bank OZK, Affinius Capital Provide $135M Construction Loan for Logistics Center
DECA Companies and Wildcat Capital Management are building an 850,000-SF industrial development in Perris, Calif.
By Brian Pascus September 9, 2024 11:52 am
reprints
DECA Companies and Wildcat Capital Management have secured $135 million in construction financing to build Perris Gateway, an 850,000-square-foot industrial development in Perris, Calif., Commercial Observer has learned.
Bank OZK (OZK) provided the senior portion of the loan, while Affinius Capital provided the subordinate piece. The financing will be used to complete construction and fund the lease-up of the development. No brokers were listed on the transaction.
“We are thrilled to have such great partners in Affinius, Bank OZK, and the City of Perris,” said Stanley Zheng, vice president at DECA Companies. “Perris Gateway will be a next-generation industrial facility in a strategically located supply-constrained market.”
The joint venture broke ground on the new logistics complex in January 2024. The development is predicted to create 2,000 jobs and help generate road and flood infrastructure improvements for the Perris area, according to an announcement from the City of Perris.
Located along Interstate 215 and the Ramona Expressway in Perris — a city 70 miles east of Los Angeles — Perris Gateway is expected to provide industrial and logistics tenants easy access to cities along California’s inland empire, like San Diego and San Francisco, but also other Western markets such as Las Vegas, Phoenix and Salt Lake City.
Affinius Capital Managing Director Tom Burns spoke to this opportunity in a statement about why his team chose to invest in building a ground-up, large-scale warehouse along the I-215 corridor
“Given the leasing velocity of industrial buildings greater than 750,000 square feet in the Inland Empire, we are very excited to close this transaction with DECA and Wildcat, as Perris Gateway will be one of only a handful large cross-dock buildings available for lease in 2025,” said Burns.
Perris Gateway will eventually feature 40-foot clear ceiling heights, 124 dock-high doors and four different drive-in doors, as well as 348 parking spacing and 308 trailer parking spaces.
Brian Pascus can be reached at bpascus@commercialobserver.com
