Posted on August 16, 2023
JLL Capital Markets announced today that it arranged the $114 million construction financing loan from Mesa West Capital for Lower Bucks Logistics Hub, a to-be-built two property industrial project totalling 814,567 square feet in Bucks County, Pennsylvania.
JLL represented the borrower, an affiliate of Foxfield LLC.
The two speculative, state-of-art, Class A facilities will be located at I-295 with one building on either side of Route 213 in Middletown Township. The buildings plan to have rear-loading and cross-deck loading configurations, 40-foot clear heights, six total drive-in doors and over 800 car and trailer parking spaces.
Given its proximity to the I-95 corridor and the Pennsylvania Turnpike (I-276), Bucks County is one of the most dynamic, sought-after suburban markets in the Philadelphia region. In addition, the project benefits from multi-directional highway access, a deep labor pool and low occupancy costs.
Greater Philadelphia, the nation’s seventh largest metropolitan area and sixth largest city, is situated in the heart of the Northeast Corridor and is the keystone of major north-south, east-west highway and rail networks. The property is conveniently located 13.4 miles from the Northeast Philadelphia Airport, 35.6 miles from the Philadelphia International Airport and 22.4 miles from Tioga Marine Terminal at the Port of Philadelphia.
The JLL Capital Markets Debt Advisory team was led by Senior Director Mike Pagniucci. After a competitive financing marketing process, Mesa West Capital provided the non-recourse construction financing thanks to the efforts of Executive Director Russell Frahm, Vice President Brian Hahn and Analyst Boyd Howard.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Foxfield LLC
Foxfield is a real estate investment and development company that focuses primarily on industrial and residential markets. Headquartered in Boston, with offices in Atlanta and Philadelphia, Foxfield searches for unique investment opportunities throughout the East Coast. To date, Foxfield has transacted on $1.4 billion in acquisitions and has $1.0 billion in the development pipeline with more than 7 million SF in assets under management or development. Learn more at FoxfieldRealEstate.com or follow Foxfield on Instagram: @foxfieldllc or LinkedIn.
About Mesa West Capital, LLC
Mesa West Capital (www.mesawestcapital.com) is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago and San Francisco, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-added or transitional properties throughout the United States. Mesa West’s lending portfolio includes all major property types with loan sizes ranging from $20 million up to $400 million. Since inception, the firm has sourced and closed more than 300 transactions totaling over $20 billion.
