First Citizens Bank Provides $52M Construction Loan For Florida Logistics Center

A joint venture between Foundry Commercial and Wheelock Street Capital has secured $52.3 million in construction financing to build Egret Point Logistics Center in Boynton Beach, Fla.

First Citizens Bank (FCNCA) provided the non-recourse construction loan, while the JLL Capital Markets team of Steven Klein, Melissa Rose and Mateo Bolivar arranged the deal on behalf of the sponsors. 

“We were pleased to work with Foundry Commercial, Wheelock Street Capital and JLL to arrange financing for this new logistics center in a prime location and a growing market,” said Juan Vives, a managing director with First Citizens Bank Commercial Real Estate.

Located at 3800 S Congress Ave in Boynton Beach — a beachside city about an hour north of Downtown Miami – Egret Point Logistics Center will sit on nearly 31 acres along Interstate-95 and consist of a two-building, Class-A multi-tenant industrial development totaling 457,110 square feet. 

The logistics center will be built on the site of a former Baptist Health System clinic and is positioned to attract tenants and service deliveries to both surrounding Broward County and Miami-Dade County to the south.  

“The sponsors’ forward-thinking decision to redevelop an obsolete medical office building into a Class A logistics property illustrates the ongoing demand for infill industrial sites in South Florida, particularly for multi-tenant space,” said JLL’s Rose.

Brian Pascus can be reached at bpascus@commercialobserver.com