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

Egret Point Logistics Center will sit on 31 acres of land in Boynton Beach, Fla.

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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. 

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“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