Nine-Figure Construction Loan
Commercial Observer
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The developers of a logistics complex under construction in L.A.’s orbit have secured a $135 million construction loan for the project, a sign of the ongoing demand for industrial space whatever the cooldown from the pandemic-era heat. Also for today: New York City Comptroller Brad Lander, who is running for mayor against incumbent Eric Adams, talks about incentivizing housing development.
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— Tom Acitelli, Deputy Editor
Bank OZK, Affinius Capital Provide $135M Construction Loan for Logistics Center
DECA Companies and Wildcat Capital Management have secured $135 million in construction financing to build Perris Gateway, an 850,000-square-foot industrial development in Perris, Calif., Commercial Observer has learned. Bank OZK provided the senior portion of the loan, while Affinius Capital provided the subordinate piece. The financing will be used to complete construction and fund the lease-up of the development. No brokers were listed on the transaction. “We are thrilled to have such great partners in Affinius, Bank OZK, and the City of Perris,” said Stanley Zheng, vice president at DECA Companies. “Perris Gateway will be a next-generation industrial facility in a strategically located supply-constrained market.” The joint venture broke ground on the new logistics complex in January 2024.
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NYC Mayoral Candidate Brad Lander On Housing, Office Conversions and Rezoning
Brad Lander comes from common enough political stock in New York. He dabbled in residential development in the 1990s while remaining an urban planner at heart. Then, hoping to resolve that conflict, he ran for public office, taking over Bill de Blasio’s seat to represent Park Slope in the City Council. That was 15 years ago. These days, Lander, the city’s comptroller, is the leading progressive critic of Mayor Eric Adams, who has grown peevish in return. Lander is also Adams’s most formidable opponent in next year’s mayoral race. He launched his campaign July 30. Now the two Brooklyn Democrats are off to the races, with Adams immediately chiding the comptroller for his poor timing and for trying to block “the second man of color from being the mayor of the City of New York.”
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