BWE Secures $29 Million Construction Loan for Echo Park @ P132 Industrial Property in Phoenix Area
Echo Real Estate Capital, a Chicago-based developer with multiple industrial developments in Arizona, has been granted a $29 million first mortgage construction loan by BWE for their latest project, Echo Park @ P132. Located on the NW side of Phoenix in Surprise, this four-building property spans 183,000 square feet and is expected to be a major addition to the thriving industrial real estate market of the West Valley.
According to Daniel Rosenberg from BWE: “Despite challenging economic conditions causing traditional lenders like banks to scale back their lending activities, we were able to work closely with our client and secure favorable loan terms that go above and beyond what is typically available.”
Echo Park @ P132 will feature four separate small bay buildings ranging from 42-48 thousand square feet each. The development also includes 2,500 square feet of speculative office space. With its strategic location near Southern California and within close proximity to booming Phoenix city itself ,the West Valley continues its upward trajectory as one of the nation’s most dynamic industrial markets.
This announcement was originally published on Connect CRE.
