PCCP, LLC has recently provided a $42-million senior loan for the refinance of a 610,025-square-foot industrial building in Lathrop. The Class A cross-dock distribution building was constructed in December 2021 and is currently 50% leased to a third-party logistics company.
The property is situated within Lathrop Gateway, an expansive site spanning over 175 acres and featuring ten buildings. This particular building is part of the first two phases that have already been completed by Phelan Development and LaSalle Investment Management.
According to Dorian Farhang, Senior Vice President at PCCP, this loan presents an opportunity for the company to lend to experienced borrowers on a new construction project with high-quality assets. He also believes that due its prime location in Northern California’s distribution market and top-notch features, this facility will attract tenants for its remaining available space.
This news was originally published on Connect CRE.
