A joint venture between Greek development and Main real estate investors has sealed $32.1 million in construction financing for its long-awaited industrial project in a Philadelphia suburb, the partnership announced Monday.
Provident bank provided the loan for the planned development of a 210,564 square foot warehouse to 900 Wheeler Road in Langhorne, Pennsylvania, on land the joint venture acquired in 2006. The transaction was handled by Greek’s in-house debt team alongside Principal’s project finance group.
Greek Development and Principal expanded one of two buildings on the Bucks County site by 60,000 square feet in 2008. The partnership plans to demolish the second structure in favor of a new facility. The new warehouse, slated for completion in mid-2023, will include 40ft headroom, 31 loading dock doors, 150ft truck yard, 80 trailer parking spaces and parking for 242 cars .
“The plans for 900 Wheeler Way have taken years to develop, and the demolition and subsequent construction on the site will be an exciting milestone,” David Greek, managing partner of Greek Development, said in a statement. “We look forward to completing this project in an area historically constrained by supply and creating a warehousing destination for blue-chip e-commerce, logistics and distribution companies that will bring jobs and tax revenue. to the local community. »
Based in East Brunswick, NJ, Greek Development has been active on the logistics front lately, landing a bundle of debts of $227 million last month from Wells Fargo for two industrial projects in New Jersey that it is developing in partnership with Advanced real estate investors.
Principal Real Estate Investors, which is affiliated with Top Global Investorsheld a $106.2 billion portfolio of commercial real estate assets as of March 31.
“The reconstruction of 900 Wheeler Way will provide state-of-the-art warehouse products to help meet the demand of an underserved Class A market,” Rob Klinknermanaging director of Principal Real Estate Investors, said in a statement.
Provident Bank officials did not immediately return a request for comment.
Andrew Coen can be reached at [email protected].