JLL Capital Markets arranged a $114 million construction financing loan from Mesa West Capital for Lower Bucks Logistics Hub, a to-be-built two property industrial project, totaling 814,567 square feet in Bucks County, Pennsylvania.
JLL represented the borrower, Foxfield LLC.
The two speculative, state-of-art, Class A facilities will be located at Interstate 295 with one building on either side of Route 213 in Middletown Township. The buildings plan to have rear-loading and cross-deck loading configurations, 40-foot clear heights, six total drive-in doors and over 800 car and trailer parking spaces.
Given its proximity to the Interstate 95 corridor and the Pennsylvania Turnpike, Bucks County is one of the most dynamic, sought-after suburban markets in the southern New Jersey/Philadelphia region. In addition, the project benefits from multidirectional highway access, a deep labor pool and low occupancy costs.
Greater Philadelphia, the nation’s seventh-largest metropolitan area and sixth-largest city, is situated in the heart of the Northeast Corridor and is the keystone of major north-south, east-west highway and rail networks. The property is conveniently located 13.4 miles from the Northeast Philadelphia Airport, 35.6 miles from the Philadelphia International Airport and 22.4 miles from Tioga Marine Terminal at the Port of Philadelphia.
The JLL Capital Markets Debt Advisory team was led by Senior Director Mike Pagniucci. After a competitive financing marketing process, Mesa West Capital provided the nonrecourse construction financing, thanks to the efforts of Executive Director Russell Frahm, Vice President Brian Hahn and analyst Boyd Howard.