Provident Realty Advisors has obtained financing for the construction of Phase II of Port 99, a 1.3 million square foot, three-building industrial venture in Baytown, near the Port of Houston.
PGIM’s Real Estate Investment Group provided a $30.4 million mezzanine construction loan. The mezzanine loan was provided alongside senior financing from Bank OZK, with Northmarq arranging the debt financing and joint-venture equity provided by Junction Commercial Real Estate. The project’s costs are estimated at $124 million.
The project expands Provident Realty Advisors’ Port 99 development following the successful lease-up of Phase I and is designed to serve continued demand from port-dependent logistics, distribution, and manufacturing users.
PGIM’s Daniel Kattan added, “Houston remains one of the country’s most attractive industrial markets, supported by its strategic location, world-class logistics infrastructure, and long-term economic growth.”
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