ACORE CAPITAL Provides $71.25 Million Construction Loan for Palisade Santee Commerce Center in San Diego
October 6, 2026
Financing supports North Palisade Partners’ development of approximately 291,000-square-foot industrial project
SAN DIEGO, California – October 5, 2026 – ACORE CAPITAL, a leading U.S. commercial real estate investment manager, today announced it has provided a $71.25 million construction loan for the acquisition and development of Palisade Santee Commerce Center, an approximately 291,000-square-foot industrial development in Santee, California.
The financing was provided to North Palisade Partners and will support the acquisition and ground-up construction of the new industrial development.
“Palisade Santee Commerce Center adds modern, high-spec mid-bay industrial space to a submarket where vacancy has generally held below 3% over the last 10 years,” said Dimitar Goulev, Managing Director, Originations at ACORE CAPITAL. “North Palisade Partners brought us a well-defined plan for this site. Our financing is structured to support them from acquisition through construction and lease-up.”
Joe Maeler, CFO of North Palisade Partners, added, “Palisade Santee Commerce Center has been more than four years in the making, and with the project fully entitled and ready for construction, choosing the right lender for this next phase was critical. We leaned on our long-standing relationship with ACORE, knowing we needed a lender that was not only creative and competitive, but one we could count on to deliver.”
Located at 10990 N. Woodside Avenue on an infill site of approximately 13.5 acres, the project will feature two buildings totaling 290,618 square feet, with spaces ranging from approximately 25,500 square feet to a full-building leasing opportunity. Once constructed, the development will feature 36-foot clear heights, 54 dock-high doors, six ground-level doors, a secured 185-foot truck court and approximately 296 parking spaces.
The property is strategically located near State Route 67 and Interstate 8, providing connectivity throughout San Diego County and to key regional transportation infrastructure, including the Port of San Diego and San Diego International Airport. Located in the East County Market of San Diego, which boasts a vacancy rate below 3.0% consistently, the property is well-suited to capture demand in this market.
Construction is expected to commence in Q3 2026, with delivery anticipated in Q4 2027.
The $71.25 million financing was arranged by Rob Rubano, Executive Vice Chairman, Brian Share, Vice Chair, and Joe Lieske, Managing Director at Cushman & Wakefield on behalf of North Palisade Partners.
About ACORE CAPITAL
ACORE CAPITAL, LP is a leading U.S. commercial real estate investment manager with more than $17 billion of assets under management (as of 6/30/2026). Headquartered in New York, with offices in Los Angeles, Miami, San Francisco and Dallas, ACORE CAPITAL originates, acquires and manages first mortgages, B-notes, mezzanine debt and preferred equity on behalf of institutional investors globally. ACORE CAPITAL’s success has been fueled by its long-standing industry relationships and access to a consistent pipeline of origination opportunities. For more information, please visit WWW.ACORECAPITAL.COM.
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Disclaimers
All investments involve a degree of risk, including a risk of loss. There can be no assurances that the transaction described above will ultimately benefit investors.
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Any such forward looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date made. ACORE assumes no obligation to update or revise any such forward-looking statements except as required by law. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside ACORE’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.