Manulife Lends $58M on Philly-Area Cold Storage Project
By Andrew Coen November 19, 2024 7:00 am
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Developer RL Cold has landed $58 million of construction financing to build a 215,816-square-foot cold-storage warehouse in a New Jersey township east of Philadelphia, Commercial Observer can first report.
Manulife provided the loan on RL Cold’s planned cold-storage project in Mount Laurel, N.J., sources familiar with the deal told CO.
RL Cold was created as a programmatic joint venture between RealtyLink and BGO focused on the development of cold-storage warehouses. It broke ground on the development in August.
Newmark (NMRK) arranged the debt transaction with a team led by Nick Scribani and Blake Thompson alongside the brokerage’s capital markets heads, Jordan Roeschlaub and Jonathan Firestone.
Located just off Interstate 295 at 907 Pleasant Valley Avenue, the cold-storage facility will be situated on a 12.7-acre site 11 miles east of the Port of Philadelphia. The project’s general contractor is Greek Design|Build.
Officials at Manulife, RL Cold and Newmark did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
