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First Citizens Bank Provides $44MM Construction Loan for Philadelphia Distribution Center

November 03, 2023, 08:00 AM
Filed Under: Real Estate

First Citizens Bank's Commercial Real Estate business provided $44 million in construction financing to Greek Real Estate Partners ('GREP') — a leading New Jersey-based, vertically-integrated real estate firm focused on industrial development — to build a Class A distribution center seven miles north of Downtown Philadelphia.

Located at 2121 Wheatsheaf Lane, the 287,000-square-foot distribution center with 40-foot clear height ceilings will be situated on a 21.25-acre lot in close proximity to key highways in the Northeast, including I-95, I-76, the New Jersey Turnpike and I-295.

Construction on the facility is expected to be completed in the first half of 2025, with demolition on the site's existing structures already underway.

"We appreciate the expertise and agility of First Citizens' Commercial Real Estate team in providing financing for the construction of this industrial building," said David Greek, managing partner at GREP. "The facility will be an excellent fit for an array of companies, given its unmatched location with access to the most densely populated metropolitan areas on the East Coast."

"We're pleased to provide this financing to GREP, who has a successful history of developing and operating industrial real estate," said Chris Niederpruem, group head for First Citizens Commercial Real Estate. "We are excited to support this construction project, and we look forward to assisting GREP in their future endeavors."

"With our deep industry relationships, experience and market expertise, we're pleased to advance GREP's goals by creating unique construction financing tailored to meet their needs," said Ted Dalton, a managing director of First Citizens Commercial Real Estate Bank who originated the transaction.

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