Greek Development and Major Real Estate Investors Obtain $30 Million in Financing from Provident Bank for 900 Wheeler Way
The partnership between Greek Development and Principal Real Estate Investors announced today that it has secured a $32,110,000 construction loan from Provident Bank for the redevelopment of 900 Wheeler Way, its highly anticipated 210,564 square foot warehouse in Langhorne. , Pennsylvania.
“The plans for 900 Wheeler Way have taken years to develop, and the demolition and subsequent construction on the site will be an exciting milestone. As a premier industrial warehouse in a prime last mile market, the building’s design has been tailored to meet a variety of premier tenant needs,” said David Greek, Managing Partner of Greek Development. “We look forward to completing this project in a historically limited supply zone and creating a warehousing destination for premier e-commerce, logistics and distribution businesses that will bring jobs and tax revenue to the local community.
Greek and Principal real estate investors acquired the property in June 2006, after which they expanded the first of two buildings on site by 60,000 square feet in 2008. Today, Greek is preparing for the demolition of the second unrenovated building in the place of a new installation with clear heights of 40 feet; 31 loading dock doors; 150 foot truck lot; 80 parking spaces for trailers; parking for 242 cars; full circulation around the building. The building should be delivered in the second quarter of 2023.
The construction loan was secured by Greek’s in-house debt team in conjunction with Principal’s project finance group.
“Principal Real Estate Investors is delighted to continue our partnership with Greek Development on this redevelopment opportunity. The reconstruction of 900 Wheeler Way will provide a state-of-the-art warehouse product to help meet the demand of an underserved Class A market,” said Rob Klinkner, Managing Director of Principal Real Estate Investors.
900 Wheeler Way is conveniently located, with immediate access to Route 1 and I-295, and also enjoys equidistant connectivity to the Port of Philadelphia and the Port of Newark.
Greek Development’s current development pipeline also includes Logan North Industrial Park in Logan Township, New Jersey, and Linden Logistics Center in Linden, New Jersey, both in partnership with Advance Realty Investors.
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