PCCP Lends $62M for Philadelphia Last-Mile Warehouse Project
DH Property Holdings (DHPH) has landed a $62 million construction loan for a planned Philadelphia industrial development, Commercial Observer can first report.
PCCP supplied the loan, which will help finance the building of a last-mile warehouse in Northeast Philadelphia. Walker & Dunlop’s Aaron Appel, Keith Kurland, Adam Schwartz and Jonathan Schwartz negotiated the debt.
Located at 9801 Blue Grass Road, directly off Route 1 and 3.5 miles from Interstate 95, the site is situated on a 21.3-acre lot and features a 388,000 square-foot warehouse. DHPH is planning to demolish the existing structure and redevelop the property with a new modernized 282,737 rentable square-foot warehouse.
Last October, DHPH secured a lease for the entire property with TJX Companies, which is considered one of the leading off-price apparel and home fashions retailers in the U.S. TJX is eyeing a Class A last-mile warehouse and distribution facility at the site to support its Northeast operations.
Officials for DHPH and PCCP did not immediately respond to requests for comment on the deal.