Greek Development, Principal Real Estate Investors secure $30m for new warehouse in Pennsylvania

The partnership of Greek Development and Principal Real Estate Investors has secured a $32.11 million construction loan from Provident Bank for their redevelopment of 900 Wheeler Way — its highly anticipated 210,564-square-foot warehouse in Langhorne, Pa.

“The plans for 900 Wheeler Way have been years in the making, and the demolition and subsequent construction on the site will be an exciting milestone. As a best-in-class industrial warehouse in a prime last-mile market, the building’s design has been tailored to suit a variety of top-tier tenant needs,” said David Greek, managing partner of Greek Development. “We’re eager to deliver this project in a historically supply-constrained area and to create a warehousing destination for blue-chip e-commerce, logistics and distribution companies 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 t