Greek Real Estate Partners Secures $46 Million Bridge Loan For Industrial Building In Philadelphia

The industrial asset located at 2121 Wheatsheaf Lane in Northeast Philadelphia encompasses a newly completed building with a total square footage of 287,000 and sits on a 21-acre lot. The property is currently vacant and was developed at an estimated total cost of $80 million. It is being marketed for either single or multi-tenant use, as leasing efforts intensify in a strong industrial market within the Philadelphia area.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $46,000,000
• Loan Type: Bridge
• Loan Terms: three-year, fixed-rate
• Landlord: David Greek - Greek Real Estate Partners
• Brokerage: JLL
• Brokers: Kyle Lockard, Larry Maister, Nate Demetsky & Jeff Lockard

Greek Real Estate Partners secured a bridge loan from an undisclosed life insurance lender to finance the newly built property, with JLL responsible for arranging the financing. The loan is structured for a three-year term.