Croydon, PA – Cushman & Wakefield announced today that the real estate services firm served as the exclusive advisor to Penwood Real Estate Investment Management, through its fifth value-added investment vehicle Penwood Select Industrial Partners, V L.P., in the procurement of $10,610,265 in construction financing for Everest Logistics Park, a 13-acre industrial site located at 110 Phyllis Drive in Croydon. The loan was provided by Univest.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut, TJ Sullivan and John Spreitzer represented the borrower in the transaction.
“Penwood Real Estate Investment Management continues to be an active industrial investor in the greater New York and Philadelphia region, and we are pleased to have worked with them to add financing for Everest Logistics Park,” said Alascio. “We were able to deliver favorable terms from an existing lender relationship for this exciting project.”
Everest Logistics Park is a Class A industrial development that upon completion will feature 141,276 total rentable square feet comprising of 138,276 square feet of warehouse space and 3,000 square feet of office space. The asset will include 36-foot clear heights and excess truck parking.
The property has immediate access to Interstate 95 allowing for a 20-minute drive to Philadelphia and a two-hour commute to New York City, Baltimore and Washington, D.C. The asset also offers convenient access to the region’s major ports including the Port of Philadelphia and the Port of NY/NJ.
About Penwood Real Estate Investment Management, LLC
Penwood is an entrepreneurial real estate investment advisory firm dedicated to managing value-added real estate investments for the institutional market. Formed in 2003, the firm is a Registered Investment Adviser based in West Hartford, CT. Penwood combines experienced investment management with the local-market expertise of established strategic relationships and a disciplined management process to optimize value for investors. Penwood’s investment focus remains on value-add investment opportunities in the Global Gateway markets of Southern California and New York/New Jersey due to the diverse demand generators, inherent supply constraints, dominant seaports, and unparalleled transportation infrastructure.
Cushman & Wakefield Arranges $10.6M in Construction Financing for Everest Logistics Park
Jayden Lapin-Tatman • 5/25/2022
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 52,000 employees in over 400 offices and approximately 60 countries. In 2022, the firm had revenue of $10.1 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake External Link on Twitter.