LOS ANGELES, August 15, 2023 - JLL Capital Markets announced today that it arranged senior and mezzanine construction financing and joint venture equity for the development of Mount Pocono Commerce Center, a to-be-built, Class-A distribution center, totaling 1,204,494 square feet in Mt. Pocono, PA.
JLL worked on behalf of the sponsor, Newland Capital Group, to secure the senior construction loan with Axos Bank and mezzanine loan with Fidelity Investments. A multi-billion-dollar asset manager provided joint venture equity for the project.
Located at 3379 Pocono Summit Rd., the project will be a build-to-suit for an international 3PL who is relocating from a nearby location given the project's direct access to the Port of Newark and rest of the Northeast. The development will feature 40-foot clear heights, 196 loading docks, 4 drive-in docks, 384 trailer stalls and a 200-foot truck court depth.
Mount Pocono Commerce Center is located within the Northeast Pennsylvania industrial market which measures nearly 129 million square feet of industrial real estate. Mt. Pocono is strategically located with immediate access to the I-380 to the west and I-80 to the south which are primary south/west interstates that provide direct accessibility to New York City and Philadelphia in under 2 hours.
The JLL Capital Markets team was led by Senior Director David Pelaia and Director Chad Morgan.
"In a highly selective and tough capital markets environment, we were pleased to bring together a full capital stack solution for Newland Capital Group. Axos Bank and Fidelity Investments recognized the exceptional quality of the project, its sponsorship and growth opportunity in the Northeast Pennsylvania industrial market," said Pelaia.
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.
Attachments
Disclaimer
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 14:49:10 UTC.
