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Provident Realty gets $30.4M mezzanine loan for Baytown Phase II

Phase II of the Port 99, a three-building 1.3 million square foot industrial development, is budgeted at $124 million and follows lease-up of Phase I.

Reported · Written up by our desk · Industrial & Land

Provident Realty Advisors has secured financing for Phase II of Port 99, an industrial development in Baytown near the Port of Houston, according to ConnectCRE. The project will add a three-building venture totaling 1.3 million square feet.

PGIM’s Real Estate Investment Group is providing a $30.4 million mezzanine construction loan, with senior financing from Bank OZK. Northmarq is arranging the debt financing, and Junction Commercial Real Estate is supplying the joint-venture equity.

ConnectCRE reports the development’s total costs are estimated at $124 million. The expansion is designed to support ongoing demand from port-dependent logistics, distribution, and manufacturing users.

The Phase II work expands Provident Realty Advisors’ Port 99 development after the successful lease-up of Phase I, ConnectCRE said.

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