BG Capital and FreezPak Logistics have secured a funding of $75.9 million for the construction of a new cold storage facility in Houston, TX. The project will be leased by FreezPak Logistics and is estimated to require an investment of over $100 million from the partnership.
The financing has been provided by PGIM Real Estate through its structured debt lending strategy, with $25.9 million in construction mezzanine financing, while Bank OZK has contributed $50 million as senior construction financing. The 282,000-square-foot building will be situated within TGS Cedar Port – one of the largest master-planned industrial parks in the U.S., housing major companies such as Walmart, Home Depot and Sam’s Club.
The development plans include cutting-edge building specifications with advanced cooling equipment and power systems along with hydrogen fuel cell charging stations and machinery facilities.
