EJF Capital LLC (EJF) and joint venture partner Crimson Canyon have closed an approximately $23.4 million construction loan from Pacific Premier Bank to develop a 326,000-square-foot warehouse outside of Phoenix.
The project is in an area certified as a “qualified opportunity zone” under the Tax Cuts and Jobs Act of 2017 (TCJA).
EJF OpZone Fund II will be committing $19.2 million in equity to the project, which is in the city of Buckeye, Ariz., 35 miles west of downtown Phoenix. The project will sit less than a mile from the I-10 and Miller Road interchange as well as other major highways. A Buckeye location permits truckers to complete a single-day trip to and from the Ports of Los Angeles and Long Beach within an 11-hour drive time.
“This is a fantastic project that is meeting intense demand for industrial warehouse space,” said Asheel Shah, EJF senior managing director and head of real estate development. “Buckeye is emerging as a leading distributi
