Subjects: Contract/Agreement, Product/Service, Funding
EJF Capital LLC (“EJF Capital”) and joint venture partner Crimson Canyon LLC (“Crimson”) today announced the successful close of a permanent financing facility for a warehouse (the “Project”) in Buckeye, AZ, a western suburb of Phoenix, AZ. The Project sits less than a mile from the I-10 and Miller Road interchange, as well as other major highways, and is situated within a Qualified Opportunity Zone (“QOZ”) under the Tax Cuts and Jobs Act of 2017 (“TCJA”), which offers investors tax benefits to invest into Opportunity Zones with the aim of spurring economic growth in lower income areas.
Completed in October 2023 and located on 21 acres, the Class A, 326,000-square-foot distribution warehouse is 100 percent leased to a Fortune 20 company. Many of the nation’s largest retailers and third-party logistics providers have large distribution centers in the west Phoenix metro area, making Buckeye a key location in the market. The city’s population has surged to 114,000 in 2023 from an estimated 6,500 in 2000 ? making it one of the fastest growing cities in the U.S.1
“We have been thrilled with the collaboration of so many stakeholders to complete this refinancing in a dynamic environment,” said Asheel Shah, EJF Senior Managing Director and Head of Real Estate Development.
“The timely completion of this Project was truly a joint effort which included tremendous support from officials at the City of Buckeye. We are proud of the results, including the permanent financing execution,” added Dominic Alba, Managing Part …
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