First Citizens Bank Provides $44M Construction Loan For Industrial Property In Philadelphia

Alex Motiuk's Greek Real Estate Partners has secured a $44 million construction loan from First Citizens Bank's CIT division for the development of a 287,218-square-foot industrial property located at 2121 Wheatsheaf Lane in Philadelphia. The property, which is expected to be completed by early 2025, will feature 40-foot clear heights, 36 dock doors, and close proximity to major transportation routes.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $44,000,000
• Lender: First Citizens Bank - CIT
• Landlord: Greek Real Estate Partners - Alex Motiuk
• Address: 2121 Wheatsheaf Lane, Philadelphia
• Market: Philadelphia
• BSF: 287,218
• Loan type: Construction Loan

First Citizens Bank's CIT division provided the $44 million financing for the construction of the industrial property at 2121 Wheatsheaf Lane. The loan will support Greek Real Estate Partners in developing the property to meet the demands of the market. With its 40-foot clear heights, 36 dock doors, and strategic location near major transportation routes, the property is poised to attract tenants and contribute to the industrial sector in Philadelphia.