JLL Arranges $65M Construction Loan for Houston Logistics Center
- Dec 19, 2017
JLL’s Capital Markets experts secured $65 million in financing on behalf of Pontikes Development. The funds will be used to develop the first phase of the Port 10 Logistics Center near Port Houston.
The first phase consists of four buildings on a 100-acre site, totaling 992,669 square feet. Upon completion, the development will comprise eight buildings totaling more than 3 million square feet over an additional 146 acres.
National leader in traffic
The complex is well positioned to handle its share of the more than 241 million tons of cargo that move through Port Houston annually: Port 10 Logistics Center’s state-of-the-art facilities are close to a number of Houston-area rail lines. This makes it a national leader in total traffic, as well as an ideal location for logistics properties.
JLL Managing Director Paul House and Senior Vice Presidents James Brolan and Jonathan Paine arranged the financing. First Tennessee Bank provided the first lien and Nationwide provided mezzanine financing.
“This strategic location is a vital starting point for logistics delivery throughout Southeast Texas and provides a concentrated location for Port Houston’s primary outbound container trade with Latin America and Asia. We continue to see investors seeking to invest into the area’s multimodal logistics hub,” House said in a prepared statement.
Image courtesy of JLL