Newland Capital Group secures construction financing and JV equity for Mount Pocono Commerce Center
Newland Capital Group announced that it has secured senior and mezzanine construction financing and joint venture equity for the development of Mount Pocono Commerce Center, a to-be-built class A distribution center totaling 1,204,494 square feet in Mt. Pocono, Penn.
JLL worked on behalf of the sponsor to secure the senior construction loan with Axos Bank and mezzanine loan with Fidelity Investments. A multibillion-dollar asset manager provided joint venture equity for the project.
Located at 3379 Pocono Summit Rd., the project will be a build-to-suit for an international 3PL who is relocating from a nearby location given the project’s direct access to the Port of Newark and rest of the Northeast. The development will feature 40-foot clear heights, 196 loading docks, four drive-in docks, 384 trailer stalls and a 200-foot truck court depth.
Mount Pocono Commerce Center is located within the Northeast Pennsylvania industrial market, which measures nearly 129 mil