PHILADELPHIA, August 15, 2023 - JLL Capital Markets announced today that it arranged the $114 million construction financing loan from Mesa West Capital for Lower Bucks Logistics Hub, a to-be-built two property industrial project totalling 814,567 square feet in Bucks County, Pennsylvania.
JLL represented the borrower, Foxfield LLC.
The two speculative, state-of-art, Class A facilities will be located at I-295 with one building on either side of Route 213 in Middletown Township. The buildings plan to have rear-loading and cross-deck loading configurations, 40-foot clear heights, six total drive-in doors and over 800 car and trailer parking spaces.
Given its proximity to the I-95 corridor and the Pennsylvania Turnpike (I-276), Bucks County is one of the most dynamic, sought-after suburban markets in the Philadelphia region. In addition, the project benefits from multi-directional highway access, a deep labor pool and low occupancy costs.
Greater Philadelphia, the nation's seventh largest metropolitan area and sixth largest city, is situated in the heart of the Northeast Corridor and is the keystone of major north-south, east-west highway and rail networks. The property is conveniently located 13.4 miles from the Northeast Philadelphia Airport, 35.6 miles from the Philadelphia International Airport and 22.4 miles from Tioga Marine Terminal at the Port of Philadelphia.
The JLL Capital Markets Debt Advisory team was led by Senior Director Mike Pagniucci. After a competitive financing marketing process, Mesa West Capital provided the non-recourse construction financing thanks to the efforts of Executive Director Russell Frahm, Vice President Brian Hahn and Analyst Boyd Howard.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on 15 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2023 16:03:13 UTC.
