FreezePak Logistics And BG Capital Secure $75.9M Construction Loan For Cold-Storage Facility In Baytown

FreezePak Logistics and BG Capital, operating as BGFP International, have secured $75.9 million in construction financing for a 282,000-square-foot cold-storage facility located at 7818 Fisher Road in Baytown. The development site spans 30.7 acres and is expected to be a significant addition to the market, considering its size and strategic location near the Port of Houston.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $75,900,000
• Address: 7818 Fisher Road
• Market: Baytown
• BSF: 282,000
• Acres: 30.7

The loan was provided by Bank OZK and PGIM Real Estate. Daniel Kattan represented Bank OZK, while David Saoud and Joseph Byrne served as landlords for FreezePak Logistics and BG Capital, respectively. Bank OZK contributed $50 million in senior construction financing, while PGIM Real Estate provided $25.9 million in mezzanine construction financing for this phase of the project.

This financing allows FreezePak Logistics and BG Capital to proceed with the $200 million investment in three cold-storage projects across the U.S. The new facility in Baytown will feature cutting-edge cooling equipment and utilize hydrogen fuel cell technology, enhancing its capabilities and environmental sustainability.