By Joshua Burd
A joint venture has secured $19.15 million to refinance some 221,000 square feet of industrial space in northeast Pennsylvania, according to a debt placement team with G.S. Wilcox & Co.
In a news release, the firm said it sourced the loan on behalf of the Lakhani Family Office and Saxum Real Estate. Undisclosed lenders provided the financing for a seven-year, interest-only term for the 220,500-square-foot portfolio, which includes two warehouses in Hazle Township’s Humboldt Park along Interstate 81.
G.S. Wilcox Partner Wesley Wilcox and Principal Albert Raymond completed the transaction, nothing that the buildings are both within a federally designated Opportunity Zone and an area with strong market fundamentals. Major tenants at the park include Amazon, FedEx, AutoZone, Romark Logistics, Hershey, Cargill and American Eagle.
“We were proud to secure such favorable terms for our client in this challenging environment,” Wilcox said in a prepared statement. “It was a pleasure working with both the borrower and lender teams to get this deal across the finish line.”
