Boston, January 28, 2025
AEW Capital Management announced today the closing of a $68 million construction mortgage to fund the development of NextWave Tempe, a 689,000 square foot, three-building, Class-A industrial park in Tempe, AZ. The project is expected to deliver in Q4 2025.
“We are excited to play a part in this project and to lend to an established core fund sponsor and their partners, including a highly reputable developer who secured a strategic site and designed a state-of-the-art industrial park that we believe will be well-positioned within Phoenix's dynamic industrial market,” said Kyle Seminara, AEW’s Head of Originations. “AEW continues to explore opportunities in construction lending with high-quality sponsorship and core real estate.”
As an active lender on all types of commercial properties throughout North America, AEW has originated over $3.0 billion of loans since the AEW Debt Platform was formally established in 2011¹.
“AEW offered the borrower certainty of execution, which is highly valued today. Similar to AEW Debt Platform loans originated over the course of 2023 and 2024, we believe this loan offers excellent credit quality and a clear relative value to fixed income alternatives,” said Justin Pinckney, AEW’s Head of Private Debt.
About AEW
For over 40 years, AEW Capital Management, L.P. (AEW) has provided real estate investment management services to investors worldwide. As one of the world’s largest real estate investment advisors, AEW and its affiliates manage $86.4 billion in private real estate equity, debt and listed securities across North America, Europe and Asia (as of September 30, 2024).2 Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, Denver, London, Paris, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in eight European cities.
As of September 30, 2024. AEW includes (i) AEW Capital Management, L.P. and its subsidiaries and (ii) affiliated company AEW Europe SA and its subsidiaries. AEW Europe SA and AEW Capital Management, L.P. are commonly owned by Natixis Investment Managers and operate independently from each other. Total AEW AUM of $86.4 billion includes $40.4 billion in assets managed by AEW Europe SA and its affiliates, $5.3 billion in regulatory assets under management of AEW Capital Management, L.P., and $40.7 billion in assets for which AEW Capital Management, L.P. and its affiliates provide (i) investment management services to a fund or other vehicle that is not primarily investing in securities (e.g., real estate), (ii) non-discretionary investment advisory services (e.g., model portfolios) or (iii) fund management services that do not include providing investment advice.
1Loan origination is from 2011 as of September 30, 2024 for AEW Capital Management.
2Source: “2024 IREI.Q Real Estate Managers Guide”. The Guide, published annually by Institutional Real Estate, Inc., ranks real estate managers based on the gross value of real estate AUM ($m) as of December 31, 2023.