AZUSA, CA—Xebec Realty Partners has secured a $28 million senior loan to fund the construction of 10th Street Center, a three-building, 342,629-square-foot industrial park in Azusa, CA. Xebec purchased the nearly 22-acre site in 2013 and obtained the necessary entitlements for construction.

PCCP LLC funded the senior loan. The firm’s VP, Ron Bonneau tells, “Xebec was able to acquire a unique site with some prior issues, all of which have been resolved, and successfully entitle it for the planned development. Sizable development opportunities remain sparse in Los Angeles County due to a lack of developable land. The ability to provide financing to a strong borrower on an infill site in a submarket with a vacancy rate below 2%, was attractive to PCCP.”

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