Walker & Dunlop Arranges Joint-Venture Equity and Construction Financing for Last-Mile Industrial Development in Philadelphia, PA
12 Julho 2023 - 7:30AM
Business Wire
Walker & Dunlop, Inc. announced today that it arranged $40
million in limited partner equity and $135 million in construction
financing for the development of 5000 Richmond Street, a 750,000
square foot last mile industrial distribution facility in
Philadelphia, PA.
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5000 Richmond Street (Photo: Business
Wire)
Walker & Dunlop's Aaron Appel, Jonathan Schwartz, Adam
Schwartz, Keith Kurland, Mo Beler, Michael Diaz, and Michael Ianno
were exclusive advisors to DH Property Holdings, LLC ("DHPH") and a
confidential life insurance company. Proceeds will fund the
development and lease-up of the two-building facility.
"We are pleased to announce the successful debt and equity
capitalization of this exceptional project," said Appel, senior
managing director and co-head of the NY Capital Markets team at
Walker & Dunlop. "This multi-year effort began with our team
sourcing LP capital to help DHPH acquire the land in the depths of
COVID and culminated in a competitive construction financing
package from Barings. We have no doubt that 5000 Richmond will
attract the best tenants in the market given its location and
design.”
The project is well positioned within the Philadelphia market,
just 6 miles from Center City and proximate to some of the city's
most densely populated counties. The location offers future tenants
immediate access to I-95 (2 minutes), I-276, and I-476 – allowing
easy access to New York City and Washington, D.C.
"As we navigate this challenging environment, Barings is focused
on providing financing solutions for strong sponsors, particularly
those with high-quality projects located in strong markets," said
Jonathan Neff, managing director of Barings Real Estate. "Barings
shares DHPH’s conviction in urban infill industrial, and we are
pleased to partner with them on this best-in-class project."
Upon completion, the site will become a two-building, Class A
industrial campus totaling over 750,000 square feet and featuring
40' clear heights, 112 loading dock doors, 206 trailer parking
stalls, and 759 car-parking stalls. The site is also located in a
Qualified Opportunity Zone and benefits from a long-term tax
abatement provided by the City of Philadelphia.
"We thank the Walker & Dunlop team for assisting in the
successful capitalization of this market-leading development," said
Aaron Malitzky, executive vice president at DH Property Holdings.
"We also hope that this is the first of many transactions with the
Barings team, who was great to work with despite a volatile capital
markets landscape."
In 2022, the Walker & Dunlop Capital Markets segment sourced
capital for transactions totaling nearly $26 billion from
non-Agency capital providers. This vast experience has made them a
top advisor on all asset classes for many of the industry’s top
developers, owners, and operators. To learn more about Walker &
Dunlop’s diverse financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial
real estate finance and advisory services firms in the United
States. Our ideas and capital create communities where people live,
work, shop, and play. The diversity of our people, breadth of our
brand and technological capabilities make us one of the most
insightful and client-focused firms in the commercial real estate
industry.
About DH Property Holdings
Founded in 2016 by company President Dov Hertz, DH Property
Holdings is a Manhattan-based industrial real estate development,
investment and management firm with an extensive track record of
acquiring and developing best-in-class assets. DHPH currently has
over 6 million square feet, or over $2.5 billion, of Class-A urban
warehouses complete or underway throughout the Northeast, including
New York, New Jersey, Boston and Philadelphia.
Upcoming Walker & Dunlop Events
The 2023 Zelman Housing Summit, occurring September 18-21, is
widely regarded as the premier housing-related conference in the
industry. This event will feature a wealth of research content and
lively panel discussions with C-suite executives providing an
unparalleled view of the housing ecosystem. With an attendance of
1000 institutional investors and industry executives, the summit
offers thought-provoking panels across the housing mosaic. To learn
more or to register for please visit the following link.
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version on businesswire.com: https://www.businesswire.com/news/home/20230712795932/en/
Investors: Kelsey Duffey Investor Relations Phone
301.202.3207 investorrelations@walkeranddunlop.com
Media: Nina H. von Waldegg VP, Public Relations Phone
301.564.3291 info@walkeranddunlop.com
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