Wildflower JV Secures $94M for Queens Logistics Development

Completion of the $146 million project is slated for 2024.

Image of College Point Logistics Center

Rendering of College Point Logistics Center. Image courtesy of Walker & Dunlop

Wildflower Ltd., in a joint venture with Drake Real Estate Partners, has received $94 million in financing for the development of College Point Logistics Center, a roughly 309,000-square-foot industrial project in Queens, New York. Walker & Dunlop arranged the floating-rate loan on behalf of the partnership.

Wildflower broke ground on the $146 million development in June 2022, with completion expected in the second quarter of 2024. Partner & CFO Matthew Dicker said, in a prepared statement, that this marks the firm’s eight project in Queens.

READ ALSO: Heightened Industrial Demand Boosts New Lease Rates

College Point Logistics Center is coming online at 28-02 Whitestone Expressway in College Point, N.Y. Upon completion, the property will comprise 81,000 square feet of industrial space, a two-story, 160,000-square-foot enclosed parking and 68,000 square feet of surface parking and loading space.

The development site is close to Interstate 678 and Whitestone Bridge, 3 miles from LaGuardia Airport, 9 miles from John F. Kennedy International Airport, 15 miles from Red Hook Container Terminal and within 30 miles of Global Container Terminal of New York.

The brokerage team

Walker & Dunlop’s Capital Markets team of Senior Managing Directors Jonathan Schwartz, Aaron Appel and Mo Beler, together with Managing Director Ari Hirt and Associate Director Triston Stegall, secured the financing on behalf of the borrowers.

Schwartz and Appel are two of the Walker & Dunlop executives overseeing the firm’s new credit portfolio advisory service that was launched in the beginning of the year. The company is anticipating a total of $2.5 trillion of commercial real estate debt to mature between 2023 and 2027.

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