Slate Asset Management, a global alternative investment platform focused on real estate and infrastructure, announced that Slate Real Estate Capital, the private credit business of Slate, has provided a $46.35 million senior loan facility to ScanlanKemperBard and an institutional investor for the acquisition of a 620,000 square foot Class A industrial distribution center in Glendale, Arizona.
The property is located within the Southwest Valley, an industrial submarket of Phoenix that has seen record new deliveries, positive net absorption, significant rent growth and historically low vacancy rates. The site is located just minutes away from two major highways – Highway 101 and I-10 – and benefits from multiple site access points and direct regional access.
The flexible capital provided by Slate will enable the borrower to execute its value-add business plan, creating an asset that will appeal to tenants in the market. Slate is an active lender through its real estate credit platform, Slate Real Estate Capital, which provides transitional capital and flexible liquidity to strong sponsors and assets across the commercial real estate industry.
Ramsey Daya and Grant Gooding of Newmark represented the borrower for the transaction.