The $8.7-million loan from a life company is a short-term facility that paid off the existing senior and mezzanine debt as well as providing working capital for the developer, according to Tremont Realty Capital, which arranged the refinancing. The bridge loan follows the stabilization of the Santa Teresa Business Center in El Paso, which has over 2 million sf of space and is "virtually full," according to Tremont.

The two new parks are the Santa Teresa Border Industrial Park, located directly on the Mexican border, straddling the international port of entry, and the Santa Teresa Intermodal Industrial Park, a property located on the Union Pacific railroad line, adjacent to the airport and the highway connector to I-10.