Summary
FreezPak Jacksonville is a planned, 274.7K square foot, temperature-controlled Class A cold storage facility that will offer full service cold and dry storage. The new warehouse will contain 212K square feet of freezer space, a 43.7K square foot cooler dock, 34 loading docks, 124 trailer parking stalls, as well as 53K pallet positions. Once complete, the expansive facility will help address growing consumer demand for direct-to-consumer meal delivery and grocery distribution.
Opportunity
FreezPak Logistics is a leading third-party food logistics company that offers customized distribution services. Nuveen Green Capital partnered with Valley National Bank to provide a $72.1 million financing package of the $98.8 million total construction costs, to fund repeat borrower, BGFP International’s FreezPak Jacksonville Development.
$26.5 million / 26.9% LTC in C-PACE financing was used to fund improvements to the building envelope, refrigeration, lighting, and HVAC. Through C-PACE’s non-recourse financing, the sponsor was able to fill a gap in their capital stack and obtain more leverage. This project marks Nuveen Green Capital’s second FreezPak Cold Storage project, and the first C-PACE closing in the city of Jacksonville.
