AEW Capital Management has closed a $68 million construction mortgage to fund the development of NextWave Tempe, a 689,000-square-foot, three-building, class A industrial park in Tempe, Ariz. The project is expected to deliver in fourth quarter 2025.
“We are excited to play a part in this project and to lend to an established core fund sponsor and their partners, including a highly reputable developer who secured a strategic site and designed a state-of-the-art industrial park that we believe will be well-positioned within Phoenix’s dynamic industrial market,” said Kyle Seminara, AEW’s head of originations. “AEW continues to find compelling opportunities in construction lending with high-quality sponsorship and core real estate.”
As an active lender on all types of commercial properties throughout North America and select international markets, AEW has originated more than $6.5 billion of loans since the AEW Debt Platform was established in 2011.