PGIM Real Estate has provided a $129.12 million senior loan on behalf of its core-plus strategy to Logistics Property Co. (LogiPropCo) for the refinancing of Box Park Logistics Center. Located in Cinnaminson, N.J., a Philadelphia suburb, the property features a class A industrial building spanning 1.2 million square feet.
The bridge financing will be used to pay off the existing construction loan and support future tenant improvement and leasing commission costs.
“As ecommerce continues to drive demand for modern logistics and distribution centers, PGIM Real Estate sees opportunity in capitalizing high-quality, state-of-the-art assets with the potential for long-term stability,” said Paul Geyer, managing director at PGIM Real Estate, who led the financing for the firm. “The greater Philadelphia area’s infrastructure and proximity to major hubs help to keep properties such as Box Park in high demand, making this an ideal time to lend on a new asset in a market w
