Greek Real Estate Partners secures $44m construction loan for Philadelphia distribution center
Greek Real Estate Partners announced that it has secured $44 million in construction financing to build a class-A distribution center seven miles north of downtown Philadelphia.
First Citizens Bank, through its commercial real estate business, provided the loan.
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 near key highways in the Northeast, including Interstate 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.