By Joshua Burd
The owner of a freestanding supermarket property outside Philadelphia has landed more than $18 million in financing, in a transaction arranged by G.S. Wilcox & Co.
According to the mortgage banker, which is based in Morris County, a correspondent life insurance company provided the loan in connection with the 123,397-square-foot building in Willow Grove, Pennsylvania. The debt comes with what G.S. Wilcox described as a highly competitive interest rate, citing the property’s location 10 miles from Center City Philadelphia and about a mile from the Pennsylvania Turnpike.
The site is also adjacent to the SEPTA transit line, which serves 3.9 million people in and around Philadelphia and is the fifth-largest overall transit system in the nation.
“We are proud to have arranged financing for this strategically located asset on behalf of our client,” said G.S. Wilcox Partner Wesley Wilcox, who sourced the $18.2 million loan alongside Principal Al Raymond. “Even with the volatility in the market, the lender was able to offer highly competitive terms, and we sincerely appreciate their commitment to getting this deal across the finish line.”
