Developer Lands $114M for Philly-Area Industrial Project
Mesa West Capital provided the non-recourse financing.
Developer Foxfield has obtained a $114 million loan from Mesa West Capital for the construction of its Lower Bucks Logistics Hub near Philadelphia. JLL Capital Markets arranged the non-recourse financing for the two-property, 814,567-square-foot project.
The two Class A facilities will come online at 1600 and 1620 E. Old Lincoln Highway in Langhorne, Pa. Upon completion, the buildings will have rear-loading and cross-deck configurations, 40-foot clear heights and a total of six drive-in doors, as well as upwards of 800 parking spaces for automobiles and trailers.
The project’s location, near the I-95 corridor and the Pennsylvania Turnpike, ensures multi-directional highway access. The development site is 13.4 miles from Northeast Philadelphia Airport, 35.6 miles from Philadelphia International Airport and 22.4 miles from the Tioga Marine Terminal at the Port of Philadelphia.
JLL Capital Markets Senior Director Mike Pagniucci led the Debt Advisory team which advised Foxfield and arranged the financing. Mesa West Capital Executive Director Russell Frahm, Vice President Brian Hahn and Analyst Boyd Howard also worked on the deal.
Boston-based Foxfield invests in and develops primarily industrial and residential real estate across the East Coast. The firm has a $1 billion pipeline and upwards of 7 million square feet in assets under management or development.
One of the top northeastern markets for industrial development
Philadelphia led northeastern markets in industrial construction at the end of November, according to CommercialEdge data, with 21.5 million square feet of industrial space under construction, representing 5.3 percent of the existing stock. The second-place finisher, New Jersey, had only 13 million square feet underway at the time.
The metro had more than 20.2 million square feet in the development pipeline as of June, the same source shows. One of the ongoing projects is a 358,000-square-foot facility taking shape within First State Crossing, a 425-acre master-planned development in Claymont, Del.
More recently, DH Property Holdings received a $175 million financing package for a 750,000-square-foot last-mile distribution development in Philadelphia. Completion is scheduled for the fourth quarter of 2024.