By Joshua Burd
A developer has landed a $114 million construction loan for more than 800,000 square feet of new industrial space in Pennsylvania’s Bucks County, less than 10 miles outside New Jersey.
According to the JLL, which arranged the financing, the Lower Bucks Logistics Hub will include two buildings erected on opposite sides of Route 213 in Langhorne Township, just east of Interstate 295. The borrower, an affiliate of Foxfield LLC, is building the 814,567-square-foot project on a speculative basis with the help of the newly obtained loan from Mesa West Capital.
JLL Senior Director Mike Pagniucci led the team representing the developer in securing the nonrecourse construction loan, citing the help of Mesa West Executive Director Russell Frahm, Vice President Brian Hahn and Analyst Boyd Howard.
In announcing the deal, JLL noted that the buildings are slated to have rear-loading and cross-dock loading configurations, 40-foot clear ceiling heights, six total drive-in doors and parking for more than 800 cars and trailers. Tenants will be minutes from Interstate 95 and the Pennsylvania Turnpike, allowing for quick access to nearby airports and shipping terminals.
