Aliso Viejo's Keystone Mortgage Corp just closed on a $69M construction loan for Yellow Iron Investments to build the Arcadia Logistics Center.
Arcadia Logistics Center will consist of a state-of-the-art industrial facility on 82 acres in Arcadia, which is the site of a former gravel quarry.
The loan has a three-year term with two one-year extension options. It is interest-only during the initial and extension terms, according to Keystone Mortgage Corp associate Scott Pierson.
The logistics center will consist of three Class-A industrial buildings totaling 698k SF built by Fullmer Construction.
The deal was challenging for banks because of new regulations and since it is a speculative project, according to Keystone Mortgage Corp SVP and managing director Nick Viscount.
The Arcadia Logistics Center is scheduled to be finished later this year.
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