Bridge Industrial Locks In $156M Refi

March 10, 2026

Finance Industrial Mid-Atlantic News More Philadelphia

Canyon Partners and J.P. Morgan provided the loan.

Bridge Point Philadelphia, a two-building, Class A industrial property in Philadelphia. *Image courtesy of Bridge Industrial*

Canyon Partners Real Estate LLC, jointly with J.P. Morgan, has provided a $156 million loan for the refinancing and lease-up of Bridge Point Philadelphia, a recently built, Class A industrial property in Philadelphia. Bridge Industrial owns and operates the two-building asset.

A CBRE team led by Vice Chairman Steve Roth facilitated the transaction.

Bridge Point Philadelphia was delivered in 2024 and comprises two buildings totaling 889,300 square feet. They share the street address of 2951 Orthodox St., formerly known as 4501 Richmond St., just off the Delaware River in the Bridesburg neighborhood.

This infill location is about 7 miles northeast of downtown Philadelphia and 2 miles from the Port of Philadelphia, with access straight down I-95 to Philadelphia International Airport.

Building 1 is 148,600 square feet on 63.2 acres, and Building 2 is 740,700 square feet on 47.7 acres. The property reportedly features efficient rear-load and cross-dock configurations, excess trailer parking and multi-tenant adaptability.

In addition, Building 1 is LEED Gold certified, and Building 2 is rail-served, according to information provided by Yardi Matrix.

Canyon Partners’ announcement did not mention any tenants, nor either building’s occupancy, but online information indicates that e-commerce shipper Veho operates a last-mile delivery hub at Building 1.

Canyon Partners could not be reached for this and other information requested by Commercial Property Executive.

The new financing appears to have taken out prior loans of $23.8 million and $118.7 million on Building 1 and Building 2, respectively, provided by Heitman Debt Funds, according to Yardi Matrix.

A strong end to 2025

Barely more than a month ago, Bridge Industrial obtained an $86.2 million permanent loan for Bridge Point Bayonne, a 355,580-square-foot industrial facility in Bayonne, N.J. Massachusetts Mutual Life Insurance Co. funded the loan.

Metro Philadelphia’s industrial space market saw a surge in demand this past year, with annual leasing up by 58.1 percent year-over-year, according to a fourth-quarter report from Cushman & Wakefield. Nearly a dozen leases of more than 100,000 square feet were signed in the fourth quarter alone.

Philadelphia County (coextensive with the city) has an overall industrial vacancy of 14.1 percent on an inventory of 29.4 million square feet. A modest 727,272 square feet was under construction at year’s end, according to Cushman & Wakefield.