ACORE Capital Supplies $75M Loan for Pennsylvania Industrial Property
Alliance HP has landed $75 million in financing for the construction of Delco Logistics Center in suburban Philadelphia, Commercial Observer has learned.
The 60-month, fully extended loan that closed March 10 consists of a first mortgage and mezzanine debt. ACORE Capital provided the financing.
The JLL Capital Markets team negotiated the debt; Senior Managing Director Chad Orcutt and Analyst Blaine Fleming led the deal.
Located at 1500 East 2nd Street in Eddystone, Pa., the industrial property features two class A logistic facilities. It is directly adjacent to Penn Terminals along the I-95 corridor in Delaware County.
ACORE officials noted that the transaction was attractive because of the in-fill industrial site’s location in a “supply constrained market” with higher barriers to entry. While the property was built on spec, the lender anticipates significant leasing interest in the property because of its proximity to Philadelphia.
“On behalf of our client, Alliance HP, we were able to negotiate favorable terms, and ACORE provided great execution for the construction financing of this speculative industrial project,” Orcutt said. “Delco Logistics Center is a true, last-mile distribution opportunity, situated off of I-95 and just 15 miles south of Philadelphia.”
Officials for Alliance could not immediately be reached for comment.