The $71.825 million construction mortgage and security agreement was filed Sept. 2.
JPMorgan Chase Bank financed the first phase of Florida Gateway Logistics Park with a $71.825 million construction mortgage and security agreement filed Sept. 2 with the Duval County Clerk of Courts.
Chase, in Irvine, California, and DRI/CTR Jax Phase I LLC executed the loan Aug. 25.
California-based CT Realty in partnership with Diamond Realty Investments LLC bought 251 acres in West Jacksonville to develop a more than $300 million, 3.2 million-square-foot, eight-building industrial park.
The site is along Pritchard Road in Westlake Industrial Park.
The partnership intends to start with three speculative buildings in the first phase totaling more than 1.7 million square feet of industrial space for completion in the second quarter of 2022.
The phase comprises the 1,000,350-square-foot Building 8 along with the 416,000- and 300,240-square-foot Buildings 3 and 2.
DRI/CTR JAX Phase I LLC bought the vacant land April 29 from Southeast Toyota Distributors LLC of Deerfield Beach for $19.5 million.
CT Realty CEO James C. “Watty” Watson said May 10 the first phase of three buildings will be completed for leasing in the second quarter of 2022.
DRI/CTR JAX Phase I is based in Newport Beach, California.