Crow Holdings Capital, a Dallas-based real estate management firm, has secured a $102 million construction loan to build a 700,000-square-foot logistics building in the Philadelphia suburb of Palmyra, Penn., the second phase of a 1.4 million-square-foot industrial complex, Commercial Observer has learned.
Affinius Capital originated the loan, while Bank OZK (OZK) made the senior portion of the financing. JLL (JLL)’s John Rose and Chad Orcutt arranged the financing out of JLL’s Dallas and Philadelphia offices, respectively.
“This transaction offers a compelling opportunity for us to finance a newly built logistics property, proximate to Philadelphia, New York and various key distribution markets up and down the I-95 corridor,” said Eric Cohen, managing director of Affinius Capital, in a statement.
“We are thrilled to partner with the team at Crow Holdings Capital on the second phase of this development,” he added.
Known as the Tac-Pal Logistics Center, the industrial project sits directly along Route 73 and provides immediate access to I-95, I-295, and the New Jersey Turnpike. The 702,000-square-foot first phase of Tac-Pal Logistics Center was finished by Crow Holdings in June, and has signed a 245,000-square-foot lease to YesWay Logistics.
Roughly 405,000 square feet of space remains available for lease in the first phase of the building.
The second and final phase of Tac-Pal Logistics Center will include 40-foot clear heights and feature space for 166 tailgates, 438 parking spaces, and 236 trailer parking spaces.
Brian Pascus can be reached at email@example.com.