Project Pegasus Secured $718 Million in Financing

Industrial portfolio owners secured new five-year funding for 52 Phoenix-area properties.

Updated on Oct. 14, 2026 in Commercial

Project Pegasus Secured $718 Million in Financing

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Equus Capital Partners has finalized a $718.2 million financing package for the Project Pegasus industrial portfolio. The deal covers 52 properties across Phoenix-area submarkets, including Chandler, Mesa, and Tempe.

Why it matters

This significant capital infusion ensures continued operational stability for a vast network of commercial spaces that are currently 92% leased. The funding supports an expansive portfolio that serves businesses near major infrastructure like Phoenix Sky Harbor International Airport.

The financing consists of a $527.1 million SASB execution and a $191.1 million balance sheet component. These funds support 1,260 individual suites across properties averaging a 1992 vintage.

The players

Equus Capital Partners

An investment firm that manages a broad portfolio of industrial and office real estate properties across the United States.

JLL

A global real estate services firm that manages, leases, and secures financing for major commercial property portfolios.

Morgan Stanley

A global financial institution that provides capital and lending services for large-scale commercial real estate developments.

Bank of America

A national banking entity that provides debt financing and capital solutions for industrial and commercial real estate projects.

The details

JLL arranged the five-year floating-rate loan to refinance the existing industrial holdings. The portfolio spans diverse submarkets including West Valley North, West Valley South, and Deer Valley. With buildings averaging nearly 100,000 square feet and 20-foot clear heights, these facilities support a wide range of logistics and commercial tenants throughout the Phoenix metro area.

JLL announced the completion of the financing on October 14, 2026.
The newest industrial properties within the portfolio were constructed in 2019.

The Home Front

This deal underscores the persistent demand for well-located, mid-1990s industrial space in the Phoenix region. Such financing arrangements remain critical for maintaining the regional supply chain and commercial logistics networks that support local economic growth.

While this is a commercial transaction, local business owners should verify their lease agreements or building management contacts if their space is within the Project Pegasus portfolio. Staying informed about your building's ownership and management status is a key step in planning your local business logistics.

The takeaway

Large-scale industrial refinancing often signals long-term stability for tenants in managed commercial suites. Keep a record of your current property manager's contact information to ensure you receive timely notices regarding building operations or site maintenance.