PCCP provides $252m of construction financing for development of three industrial buildings totaling 2.15msf
PCCP has provided $252.3 million of construction financing to a joint venture between Panattoni Development Co. and a real estate fund advised by Crow Holdings Capital for the development of three industrial buildings totaling approximately 2.15 million square feet.
The state-of-the-art, cross-dock distribution buildings with 40-foot clear heights comprise the first phase of FRED310, a planned 310-acre, five-building industrial park totaling 3.7 million square feet located at Canyon Road East and East 176th Street in Fredrickson, Wash.
The project includes two speculative warehouses, Building G (611,206 square feet) and Building D (753,069 square feet), and a build-to-suit, Building E (782,875 square feet), for a national tool and equipment retailer. The three warehouse/distribution buildings are anticipated to deliver in summer 2024.
“PCCP’s financing on the first phase of FRED310 provides us with the opportunity to lend to experienced borrowers for a strat