{"id":1004672082,"date":"2023-07-13T03:28:27","date_gmt":"2023-07-13T11:28:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004672082"},"modified":"2023-07-18T08:49:11","modified_gmt":"2023-07-18T16:49:11","slug":"dh-property-holdings-obtains-175m-for-philly-logistics-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dh-property-holdings-obtains-175m-for-philly-logistics-project\/","title":{"rendered":"DH Property Holdings Obtains $175M for Philly Logistics Project"},"content":{"rendered":"
\"5000<\/a>

5000 Richmond St. Image courtesy of Walker & Dunlop<\/em><\/p><\/div>\n

DH Property Holdings<\/strong> has received a $175 million financing package for 5000 Richmond St., a 750,000-square-foot last-mile distribution development in Philadelphia. The capital stack includes $40 million in partner equity and a $135 million construction loan from Massachusetts Mutual Life Insurance Co.<\/strong>, public records show.<\/span> Walker & Dunlop<\/strong> arranged both components of the funding.<\/p>\n

DHPH broke ground<\/a> on the two-building project in May and completion is scheduled for the fourth quarter of 2024.<\/p>\n

Building A will total 348,210 square feet and Building B will total 411,000 square feet. Both will feature 40-foot clear heights, and between them they will offer 112 loading-dock doors, 206 trailer parking stalls and 759 car parking stalls. CBRE<\/strong> Senior Vice President Andrew Green and Vice Chairman Thomas Monahan will supervise leasing at the property.<\/p>\n

\n

READ ALSO:<\/strong> Bridging the Equity Gap With Preferred Equity<\/a><\/p>\n

\n

The project is just 6 miles from Center City and less than 1 mile from Interstate 95, while also providing access to interstates 276 and 476, and thereby to New York City and Washington, D.C. The 51-acre site is in a Qualified Opportunity Zone and benefits from a long-term tax abatement from the City of Philadelphia.<\/p>\n

Walker & Dunlop\u2019s Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Mo Beler, Michael Diaz, and Michael Ianno were exclusive advisors to DHPH and an undisclosed life insurance company.<\/p>\n

Lacking nothing<\/h2>\n

Since early 2020, metro Philly\u2019s industrial space market has hit record highs for absorption, new construction and asking rents, according to a first-quarter report from Newmark. Overall vacancy was just 4.3 percent, and availability remained low, especially in desirable submarkets, Newmark reported.<\/p>\n

DHPH and Walker & Dunlop teamed up last September<\/a> as well, when the latter arranged the $76.8 million refinancing of a recently completed 282,737-square-foot last-mile distribution facility in Philadelphia. The build-to-suit project is full occupied by TJX under a triple-net lease.<\/p>\n","protected":false},"excerpt":{"rendered":"

Walker & Dunlop arranged the financing for the last-mile development.<\/p>\n","protected":false},"author":882,"featured_media":1004672121,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21748,21742,10,1494],"tags":[51677,44213],"class_list":["post-1004672082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-industrial","category-latest","category-northeast","category-philadelphia","tag-dh-property-holdings","tag-walker-dunlop"],"acf":[],"yoast_head":"\nDH Property Holdings Obtains $175M for Philly Logistics Project - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"DH Property Holdings has received a $175 million financing package for 5000 Richmond St., a last-mile distribution project in Philadelphia.\" \/>\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\/dh-property-holdings-obtains-175m-for-philly-logistics-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DH Property Holdings Obtains $175M for Philly Logistics Project\" \/>\n<meta property=\"og:description\" content=\"DH Property Holdings has received a $175 million financing package for 5000 Richmond St., a last-mile distribution project in Philadelphia.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/dh-property-holdings-obtains-175m-for-philly-logistics-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=\"2023-07-13T11:28:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-18T16:49:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/5000-Richmond-Street-e1689246990562.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1201\" \/>\n\t<meta property=\"og:image:height\" content=\"901\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\/dh-property-holdings-obtains-175m-for-philly-logistics-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/dh-property-holdings-obtains-175m-for-philly-logistics-project\/\",\"name\":\"DH Property Holdings Obtains $175M for Philly Logistics Project - 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