Invesco, Webster Bank Refi Philly Warehouse Project with $77M Loan
By Andrew Coen September 6, 2022 11:29 am
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DH Property Holdings (DHPH) has nabbed a $76.8 million debt package to refinance a newly built industrial development in Philadelphia, Commercial Observer has learned.
Invesco Real Estate (IVZ) and Webster Bank provided the loan for the developer’s new last-mile warehouse in North Philadelphia. Walker & Dunlop’s Aaron Appel, Jonathan Schwartz, Keith Kurland and Adam Schwartz arranged the transaction.
Located at 9801 Blue Grass Road, directly off Route 1 and 3.5 miles from Interstate 95, the 21.3-acre site features a 282,737-square-foot logistics center along with parking for cars and trailer trucks. Home fashion retailer TJX Companies occupies 100 percent of the property on a long-term, triple-net lease to support its Northeast operations.
The property previously housed a 388,000-square-foot warehouse that DHHP demolished to make way for a more modern facility. PCCP supplied a $62 million construction loan in May 2021 for the project.
Officials at Invesco, Webster Bank and DHPH did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
