PCCP PROVIDES $25.1M LOAN FOR MEMPHIS DISTRIBUTION CENTER

by admin

MEMPHIS, TENN. — PCCP LLC has provided a $25.1 million senior loan for the recapitalization of Memphis Oaks 3, a 1 million-square-foot distribution center located at 3860 E. Holmes Road in Memphis. The property is part of the Memphis Oaks Distribution Center, a 3.8 million-square-foot industrial park. The property is 81.7 percent leased to tenants such as Sharp Electronics, Franklin Sports and GECAS Asset Management, a division of GE. PCCP provided the loan to PDC Memphis Oaks 3 Holdings LLC, which is managed and sponsored by affiliates of Panattoni Development Co., the developer of the Memphis Oaks park. Panattoni will use the loan to recapitalize the existing financing and focus on the lease-up of the property. Cushman & Wakefield advised Panattoni on the financing and is the developer’s leasing agent for Memphis Oaks 3.

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