A rendering of a 508,200-square-foot industrial development in Florence by Black Creek Group — Courtesy: Peak Construction Corp./Ware Malcomb
By Joshua Burd
The developer of more than 500,000 square feet of new industrial space in Florence has secured a nearly $40 million construction loan, brokers with Cushman & Wakefield announced.
According to the debt placement team, the financing will support Black Creek Group’s speculative 508,200-square-foot project known as Florence West. BMO Harris Bank is providing the $39.7 million loan for the development along Front Street.
“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 John Alascio, a member of the C&W equity, debt and structured finance team involved in the deal. “This drove a competitive marketing process where BMO Harris ultimately provided highly attractive terms and a seamless execution for our client.”
Alascio represented Black Creek alongside Chuck Kohaut and TJ Sullivan. They noted that the completed property will feature 36-foot clear ceiling heights, 92 loading docks and two drive-ins, along with 101 trailer stalls and 434 parking spaces for cars.
The project sits on 51 acres along the Delaware River and is minutes from the Pennsylvania Turnpike and the New Jersey Turnpike, providing easy access to the ports of Philadelphia and Newark-Elizabeth, a deep labor pool and a third of the nation’s population. Peak Construction Corp. is building the project for the Denver-based developer, working alongside a team that includes construction manager Avison Young, architect Ware Malcomb and civil engineer Menlo Engineering Associates Inc.