Cushman & Wakefield will serve as exclusive adviser to Black Creek Group in the procurement of $39,700,000 in speculative industrial construction financing for Florence West, an industrial facility in Florence Township, the real estate services firm announced on June 2. The loan was provided by BMO Harris Bank.
A Cushman & Wakefield equity, debt and 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 a 508,200-square-foot Class A facility that is just minutes from the Pennsylvania Turnpike (Interstate 276; Exit 351) and the New Jersey Turnpike (Interstate 95; Exit 6), offering exceptional regional 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-foot clear ceiling heights, 92 loading docks and two drive-ins, as well as ample trailer (101 stalls) and car (434 stalls) parks.
