PHILADELPHIA — Cushman & Wakefield has arranged $153 million in construction financing for Phase I of Airport Logistics Center, a roughly 1 million-square-foot industrial project that will situated on a 66-acre site adjacent to Philadelphia International Airport. Building features will include 240 dock doors and parking for 704 cars and 209 trailers. Completion is slated for early 2028.
The sponsor is a partnership between Ivy Realty and Lubert-Adler Real Estate Funds, and the package includes both debt and equity, though specific amounts of each piece were not disclosed. John Alascio, Chuck Kohaut, T.J. Sullivan, Aaron Graves, Andrew Merin, Gary Gabriel, Kyle Schmidt and Seth Zuidema of Cushman & Wakefield arranged the floating-rate construction loan through TPG Real Estate Credit. The team also advised on the structuring of the equity for the project.