ARLINGTON, Va.--(BUSINESS WIRE)--EJF Capital LLC (“EJF Capital”) and joint venture partner Crimson Canyon LLC (“Crimson”) today announced the successful close of a permanent financing facility for a warehouse (the “Project”) in Buckeye, AZ, a western suburb of Phoenix, AZ. The Project sits less than a mile from the I-10 and Miller Road interchange, as well as other major highways, and is situated within a Qualified Opportunity Zone (“QOZ”) under the Tax Cuts and Jobs Act of 2017 (“TCJA”), which offers investors tax benefits to invest into Opportunity Zones with the aim of spurring economic growth in lower income areas.
Completed in October 2023 and located on 21 acres, the Class A, 326,000-square-foot distribution warehouse is 100 percent leased to a Fortune 20 company. Many of the nation’s largest retailers and third-party logistics providers have large distribution centers in the west Phoenix metro area, making Buckeye a key location in the market. The city’s population has surged to 114,000 in 2023 from an estimated 6,500 in 2000 — making it one of the fastest growing cities in the U.S.1
“We have been thrilled with the collaboration of so many stakeholders to complete this refinancing in a dynamic environment,” said Asheel Shah, EJF Senior Managing Director and Head of Real Estate Development.
“The timely completion of this Project was truly a joint effort which included tremendous support from officials at the City of Buckeye. We are proud of the results, including the permanent financing execution,” added Dominic Alba, Managing Partner of Crimson Canyon LLC, a Scottsdale-based developer and real estate investment firm focused on the Southwestern U.S.
CBRE Capital Markets’ Debt & Structured Finance team comprised of Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell, Nick Santangelo and Jim Korinek arranged the financing.
About EJF Capital
EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. with offices in London, England and Shanghai, China. As of March 31, 2023, EJF manages approximately $6.9 billion across a diverse group of alternative asset strategies. The firm was founded in 2005 by Manny Friedman and Neal Wilson. Since inception, EJF has focused on regulatory event-driven investment themes including its strategy to invest in Opportunity Zones. To learn more, please visit http://ejfcap.com and please read additional Risks and Limitations located here.
1 Source: City of Buckeye, AZ
This information shall not constitute a solicitation or an offer to buy or sell any security or service, or an endorsement of any particular investment strategy. Nothing in this material constitutes investment, legal, or other advice nor is it to be relied upon in making investment decisions. Offering of EJF funds is made by private placement memorandum only. The specific strategies identified and described in this communication do not represent all strategies offered by EJF and the reader should not assume that investments or strategies were or will be profitable. This document shall not in any event be deemed to be complete and exhaustive information on the subjects covered. In connection with this communication, you are encouraged to review EJF’s Risk and Limitations Associated with EJF Strategies.
About Crimson Canyon
Crimson Canyon invests and develops private real estate assets across the Southwest. Crimson offers investors access to commercial real estate development, real estate-related equity investments and other real estate-related assets, each of which Crimson believes are compelling from a risk-return perspective. The company is currently focused on industrial, self-storage, data centers, residential communities, and land. Crimson has been investing in Arizona real estate in previous ventures for more than a decade.