By Joshua Burd
Affinius Capital LLC has closed a $102 million construction loan for a 700,000-square-foot industrial project at the western edge of Burlington County, just outside Philadelphia.
The lender, the joint venture of USAA Real Estate and Square Mile Capital Management, said Tuesday that the deal will support phase two of the Tac-Pal Logistics Center on Route 73 in Palmyra. The borrower is a real estate fund advised by Crow Holdings Capital, which has started construction after delivering the 702,000-square-foot first phase earlier this year at the base of the Tacony-Palmyra Bridge.
Bank OZK provided the senior portion of the financing, according to a news release. John Rose and Chad Orcutt of JLL’s Dallas and Philadelphia offices arranged the debt.
“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,” Affinius Capital Managing Director Eric Cohen said. “We are thrilled to partner with the team at Crow Holdings Capital on the second phase of this development.”