Cushman & Wakefield served as the exclusive adviser to Black Creek Group, a leading real estate investment management firm, in the procurement of $39,700,000 in speculative industrial construction financing for Florence West, a 508,200 s/f Class A industrial facility in Florence Township, New Jersey. The loan was provided by BMO Harris Bank.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut and TJ Sullivan represented the borrower.
“Florence West’s blue-chip sponsorship, state-of-the-art design and strategic regional location were extremely appealing to lenders, who continue to increase allocations for industrial,” said Alascio. “This drove a competitive marketing process where BMO Harris ultimately provided highly attractive terms and a seamless execution for our client.”
Situated on 51 acres along the Delaware River, Florence West is minutes from the Pennsylvania Turnpike (I- 276; Exit 351) and the New Jersey Turnpike (I-95; Exit 6), offering access to the Ports of Philadelphia and Newark-Elizabeth, multiple international airports, a deep labor pool and a third of the nation’s population within one day’s drive.
Upon completion, the property will feature a best-in-class distribution facility with 36 ft. clear ceiling heights, 92 loading docks and two drive-ins, as well as ample trailer (101 stalls) and car (434 stalls) parks. The property is designed to maximize efficiency for today’s modern industrial users who continue to pay a premium for highly functional space in strategic locations.
Peak Construction Corp. will be the general contractor for the project, and Avison Young is serving as construction manager. Other project partners include architect Ware Malcomb and Menlo Engineering Associates Inc. Site work is underway, and the project is slated for a January 2022 completion.