Updated Dec 4, 2024
PGIM Real Estate Provides $43.2M Construction Loan For Majestic Realty's Industrial Project In Perris
18740 Harvill Avenue
$43,200,000
Building Size
—
Asset Type
Development Site
Closing
Oct 23, 2023
About this deal
AI
PGIM Real Estate is providing a $43.2 million construction loan for a new industrial project in Perris, Southern California's Inland Empire. The project, known as Building 11, is located at 18740 Harvill Avenue and is part of the Majestic Freeway Business Center. It spans over 18 acres and has a building square footage (BSF) of 373,368. The development site is owned by Majestic Realty and the loan is being secured by PGIM Real Estate.
Summary of transaction details
- Property Type: Development Site
- Market: Perris
- Address: 18740 Harvill Avenue
- Loan Amount: $43,200,000
- Loan Type: Construction Loan
The lender, PGIM Real Estate, has been actively investing in the Southern California market. This industrial project is part of their continued commitment to the region, which includes other financing deals such as acquisition financing and refinancing. Majestic Realty, the landlord, is collaborating with PGIM Real Estate to bring this project to fruition.
On the Map
$43,200,000
Development Site
View full map
Players
Perris Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Browse Perris development site loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93