{"id":1004634893,"date":"2022-12-12T09:30:41","date_gmt":"2022-12-12T17:30:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004634893"},"modified":"2022-12-13T01:45:52","modified_gmt":"2022-12-13T09:45:52","slug":"bg-capital-freezpak-logistics-get-73m-for-philadelphia-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bg-capital-freezpak-logistics-get-73m-for-philadelphia-project\/","title":{"rendered":"BG Capital, FreezPak Logistics Get $73M for Philadelphia Project"},"content":{"rendered":"
\"\"<\/a>

Rendering of 2201 E. Allegheny Ave.<\/p><\/div>\n

FreezPak Logistics<\/strong>, through their new partnership, BGFP International<\/strong>, has landed construction financing in the amount of $72.6 million for a new cold storage facility in Philadelphia.<\/p>\n

The 172,000-square-foot industrial project will be occupied by the company and is funded by two lenders. BGFP International is a joint venture set up between BG Capital and FreezPak Logistics<\/p>\n

The speculative development will be located at 2201 E. Allegheny Ave., on a 7.2-acre site, in Philadelphia\u2019s Port Richmond neighborhood, close to Interstate 95 and Betsy Ross Bridge, 5.4 miles from downtown Philadelphia and within 14 miles of Philadelphia International Airport. The speculative project will feature controlled-temperature, 30 trailer parking spots, 20 loading docks and 60 car parking spots.<\/p>\n

The partnership acquired the development site from Manufacturers and Traders Trust Co. in 2020 for $10 million, according to CommercialEdge<\/strong>. Construction has started on the development and completion is set for October 2023.<\/p>\n

Financing details<\/h2>\n

OceanFirst Financial Corp. subsidiary, OceanFirst Bank<\/strong>, provided $42.5 million in construction financing as the senior lender, while Nuveen Green Capital<\/strong> provided $30.1 million in the form of Commercial Property Assessed Clean Energy financing, an alternative debt solution used for energy efficiency developments, with the goal of reducing the CO2-e annual footprint. While making the future cold storage building 30 percent more efficient than the state\u2019s building energy code\u2019s requirements, this also marks the largest C-PACE deal in Pennsylvania, said BG Capital\u2019s Vice President Tyler Huffman, in prepared remarks.<\/p>\n

The project\u2019s capital investment is estimated to exceed $93 million and is expected to bring 63 new jobs to the Port Richmond and Harrowgate neighborhoods, with its Market-Frankford Line location making commuting easy for future employees. The industrial sector has good prospects going into 2023, according to CommercialEdge’s latest national industrial report.<\/p>\n

Regarding new supply, Philadelphia has the largest construction pipeline<\/a> in the Northeast, with 16.7 million square feet of industrial space under construction as of October, followed by New Jersey, Boston and Baltimore. A high-profile financing deal happened in the area: in January, Hilco Redevelopment Partners and its partners secured a $500 million financing<\/a> for The Bellwether District’s redevelopment, a 15 million square-foot industrial park.<\/p>\n","protected":false},"excerpt":{"rendered":"

OceanFirst Bank and Nuveen Green Capital provided the financing. <\/p>\n","protected":false},"author":2991,"featured_media":1004634765,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21748,21742,10,1494,21786],"tags":[37491,36891],"class_list":["post-1004634893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-industrial","category-latest","category-northeast","category-philadelphia","category-sustainability","tag-nuveen","tag-oceanfirst-bank"],"acf":[],"yoast_head":"\nBG Capital, FreezPak Logistics Get $73M for Philadelphia Project - CPE<\/title>\n<meta name=\"description\" content=\"BG Capital and FreezPak Logistics, had gotten construction financing in the amount of $72.6 million for a 172,000-square-foot project.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bg-capital-freezpak-logistics-get-73m-for-philadelphia-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BG Capital, FreezPak Logistics Get $73M for Philadelphia Project\" \/>\n<meta property=\"og:description\" content=\"BG Capital and FreezPak Logistics, had gotten construction financing in the amount of $72.6 million for a 172,000-square-foot project.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bg-capital-freezpak-logistics-get-73m-for-philadelphia-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-12T17:30:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-13T09:45:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/2201-Rendering-East-View-e1670595028274.png\" \/>\n\t<meta property=\"og:image:width\" content=\"840\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bg-capital-freezpak-logistics-get-73m-for-philadelphia-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/bg-capital-freezpak-logistics-get-73m-for-philadelphia-project\/\",\"name\":\"BG Capital, FreezPak Logistics Get $73M for Philadelphia Project - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bg-capital-freezpak-logistics-get-73m-for-philadelphia-project\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bg-capital-freezpak-logistics-get-73m-for-philadelphia-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/2201-Rendering-East-View-e1670595028274.png\",\"datePublished\":\"2022-12-12T17:30:41+00:00\",\"dateModified\":\"2022-12-13T09:45:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/4659e2337f06b61cefc6b0b897d183a4\"},\"description\":\"BG Capital and FreezPak Logistics, had gotten construction financing in the amount of $72.6 million for a 172,000-square-foot project.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bg-capital-freezpak-logistics-get-73m-for-philadelphia-project\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/bg-capital-freezpak-logistics-get-73m-for-philadelphia-project\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bg-capital-freezpak-logistics-get-73m-for-philadelphia-project\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/2201-Rendering-East-View-e1670595028274.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/2201-Rendering-East-View-e1670595028274.png\",\"width\":840,\"height\":630,\"caption\":\"Rendering of 2201 E. 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