Acore Capital Supplies $53M Construction Loan on Philly Industrial Project
By Andrew Coen July 15, 2024 1:40 pm
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DH Property Holdings has secured $53.8 million of construction financing to build a last-mile warehouse and distribution center in Philadelphia, Commercial Observer has learned.
Acore Capital provided the loan on the planned, 282,250-square-foot PhilaPort Logistics Center that broke ground this month, according to the developer and lender.
Walker & Dunlop arranged the transaction with a New York capital markets team led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Ianno. The brokerage declined to comment.
Located on 15 acres at 3060 South 61st Street, the industrial project will also include roughly 5,000 square feet of office space for future logistics tenants. Chris Pennington from Binswanger and Jonas Skovdal of Cushman & Wakefield (CWK) are leading leasing efforts at the site.
The PhilaPort Logistics Center is slated for completion in late 2025. It will be situated three miles from Philadelphia International Airport and six miles from the Packer Avenue Marine Terminal.
“Because of the proximity to both the airport, a port and the the center in the downtown of Philadelphia itself, there will be a real possibility of a robust tenant pool that might be interested in renting at the site,” Dov Hertz, president at DH Property, told CO. “This is a great site because of our proximity to those inbound locations.”
Kory Klebanoff, Acore’s co-head of Eastern Region originations, described the development in a statement as a “fantastic project in an infill location with all the modern specs tenants are seeking in today’s environment.”
Andrew Coen can be reached at acoen@commercialobserver.com.
