Jones Lang LaSalle Inc.
10/31/2024 | Press release | Distributed by Public on 10/31/2024 09:50
$22M financing secured for the development of a 224K industrial facility in Pennsylvania
MORRISTOWN, N.J., Oct. 31, 2024 - JLL Capital Markets announced today that it secured $22 million in construction financing for the development of 2401 W. Emaus Avenue. The property, located in Allentown, Pennsylvania, will be a state-of-the-art, 224,000-square-foot warehouse and distribution facility.
JLL worked on behalf of the borrower, Woodmont Industrial Partners, to secure the floating-rate construction loan through BHI, the US division of Bank Hapoalim.
2401 W. Emaus Avenue is situated in the Lehigh Valley industrial submarket, one of the preferred submarkets for distributors serving the Northeastern United States. With easy access to major US Interstates I-78 and I-476, tenants operating in this area can conveniently reach New York, Philadelphia and Port Newark-Elizabeth all within 90 minutes.
Additionally, it is located at the midpoint between the Philadelphia International Airport, the Port of Philadelphia, the Port of Newark and Newark Liberty International Airport. This prime position, alongside important transportation infrastructure, allows tenants to reach 74.1% of the US population within a 24-hour drive. By minimizing drayage and distribution costs, it significantly enhances supply chain efficiency for businesses with time-sensitive distribution requirements.
"Woodmont Industrial Partners has long been bullish on Allentown and the Lehigh Valley because of its strategic location and strong labor pool. Woodmont remains committed to bringing additional industrial product that meets tenants' demands to market", said Anthony Amadeo, Executive Vice President at Woodmont. Learn more here: https://2401-w-emaus-2f18.brandcast.io/.
"BHI is proud to finance this new project and continue focusing on the ways we can help partners invest in improving the supply chain," said Mimi Vu, Senior Vice President, Head of CRE Loan Origination Northeast at BHI. "We're looking forward to continuing our partnership with Woodmont Properties and supporting this development."
The property will be designed to meet the demands of the market's top warehouse/distribution and last mile users, featuring 36-foot clear heights, 43 dock-high doors, 42 trailer parking spaces and 129 car parking spaces.
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.
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 $20.8 billion and operations in over 80 countries around the world, our more than 110,000 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 Woodmont Industrial Properties
Woodmont Industrial Partners is a joint venture between New Jersey-based Woodmont Properties, a leading vertically integrated real estate development and management company established in 1963, and Romark Logistics, a full-service third-party logistics provider offering advanced supply chain and logistic solutions since 1954. Woodmont Industrial Partners is focused on the acquisition and development of industrial properties in select, high-barrier-to-entry and globally oriented, seaports and intermodal transportation corridors. The continuing mission is to grow a portfolio of high-quality assets through the acquisition of existing and development of new buildings in prime locations.
About Woodmont Properties
For 60 years, Woodmont Properties, based in Fairfield, N.J., has contributed to the region's residential and commercial marketplace by developing residential communities, office buildings, retail centers, industrial properties, and recreational facilities in suburban communities, town centers and cities in New Jersey, New York and Pennsylvania, Georgia, Florida, and Colorado. Under CEO Eric Witmondt's leadership, Woodmont's success in developing both residential communities and commercial properties is derived from a unique blend of innovation, integrity, the selection of superior locations, and quality design. Woodmont Properties has been awarded a Top Workplaces honor by NJ Advance Media in 2020 and 2021, and was named a nationally recognized Top Workplace 2022 and 2023 by TopWorkplaces.com and USA Today. www.woodmontproperties.com/
BHI, the U.S Branch of Bank Hapoalim, B.M., Israel's leading financial institution, provides commercial banking solutions to middle market clients in sectors including commercial real estate; general, domestic and Israeli C&I; private equity; food and beverage; apparel; healthcare; corporate banking; and high-tech. In addition to its New York headquarters, the bank operates U.S. Representative Offices in Woodcliff Lake, New Jersey; Miami, Florida; and Los Angeles, California. For more information, visit www.bhiusa.com.