Delaware

JLL Arranges $56.3M Construction Loan for Industrial Project in Claymont, Delaware

by Taylor Williams August 31, 2023

CLAYMONT, DEL. — JLL has arranged a $56.3 million construction loan for Tri-State Industrial, a 525,000-square-foot project that will be located about 25 miles outside of Philadelphia in Claymont, Delaware. The property will feature 40-foot clear heights, an ESFR sprinkler system, 130-foot truck court depths, four drive-in ramps with overhead doors and ample trailer and car parking. Chris Drew, Mike Pagniucci and Michael DiCosimo of JLL arranged the loan through Principal Asset Management on behalf of the borrower, a partnership between New York City-based KPR Centers and Los Angeles-based PCCP LLC.

August 31, 2023

Delaware Development Life Sciences Loans Northeast

MRA Group Receives $63M for Life Sciences Redevelopment in Wilmington, Delaware

by Taylor Williams August 24, 2023

WILMINGTON, DEL. — Pennsylvania-based developer MRA Group has received $63 million for the redevelopment of Chestnut Run Innovation & Science Park, a 164-acre, 14-building development in Wilmington. MRA Group will use the funds to continue renovations of the campus’ 14 buildings to support lab, R&D and advanced manufacturing uses. Additional plans for the campus include a hotel, fitness center, conference facilities, an outdoor amphitheater and accommodations for food services. Fulton Bank, in conjunction with Nuveen Green Capital through C-PACE, financed $50 million of the funds, while WSFS Bank provided the remaining $13 million.

August 24, 2023

Delaware Development Industrial Northeast

Agilent Technologies to Undertake $22M Expansion of Manufacturing Plant in Newport, Delaware

by Taylor Williams July 7, 2023

NEWPORT, DEL. — Agilent Technologies, a provider of lab instruments and software, will undertake a $22 million expansion of its manufacturing facility in Newport, located just outside of Wilmington. Agilent is leasing 12,000 square feet of new space in a building that is adjacent to the existing facility and fitting out 9,900 square feet as lab space with new infrastructure, equipment and instrumentation. Over half of the remaining square footage will become a warehouse, storage and shipping/receiving area. The remaining balance will be used for offices. Agilent currently employs more than 100 people at its Newport facility and more than 900 throughout Delaware.

July 7, 2023

Delaware Development Industrial Northeast

First Industrial Underway on 358,000 SF Facility in Claymont, Delaware

by Taylor Williams July 6, 2023

CLAYMONT, DEL. — Chicago-based REIT First Industrial Realty Trust (NYSE: FR) is underway on construction of a 358,000-square-foot facility in the greater Philadelphia area. The site is located within the 425-acre First State Crossing mixed-use development. The rear-load facility will offer a clear height of 40 feet, 68 dock positions and 241 trailer parking stalls. Completion is slated for October. Blue Rock is the general contractor for the project, and Joseph V. Belluccia is the architect. CBRE is the leasing agent. Delivery is slated for the first quarter of next year.

July 6, 2023

Acquisitions Delaware Industrial Northeast

Colliers Brokers Sale of 100,000 SF Industrial Building in New Castle, Delaware

by Taylor Williams June 14, 2023

NEW CASTLE, DEL. — Colliers has brokered the sale of a 100,000-square-foot industrial building in New Castle, located south of Wilmington in Delaware. The building sits on 6.6 acres and offers 80 car parking spaces, 30 trailer parking spaces, one drive-in door and 5,000 square feet of office space. Charles Brown and Carl Neilson of Colliers represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.

June 14, 2023

Delaware Development Loans Multifamily Northeast

Dwight Capital Provides $38.3M HUD-Insured Construction Loan for Delaware Multifamily Project

by Taylor Williams May 17, 2023

BRIDGEVILLE, DEL. — New York City-based Dwight Capital has provided a $38.3 million HUD-insured construction loan for Villas at Bridgeville, a 152-unit multifamily project in Delaware. The project will consist of 34 townhome and duplex buildings and one amenity building on a 23-acre site. Units will have private patios/balconies and two-car garages, and amenities will include a pool, fitness center, playground and walking trails. Daniel Malka and Jacob Gauptman of Dwight Capital originated the financing on behalf of the borrower, Allen & Rocks Inc. A construction timeline was not disclosed.

May 17, 2023

Delaware Leasing Activity Northeast Retail

Weis Markets to Open 64,000 SF Store at Bayberry Town Center in Middletown, Delaware

by Taylor Williams May 8, 2023

MIDDLETOWN, DEL. — Regional grocer Weis Markets will open a 64,000-square-foot store and serve as the anchor tenant at Bayberry Town Center, a 280,000-square-foot development in Middletown. The site is located within the 1,500-acre Village of Bayberry master-planned community and will also house 31,000 square feet of office space and multiple open green spaces, as well as 145 townhomes. Construction is slated to begin this fall and to be complete by 2025. Blenheim Group is the master developer of Village of Bayberry.

May 8, 2023

Delaware Loans Multifamily Northeast Seniors Housing

Hunt Capital Provides $4.3M in LIHTC Equity for Affordable Seniors Housing Complex in Smyrna, Delaware

by Taylor Williams April 11, 2023

SMYRNA, DEL. — Hunt Capital Partners has provided $4.3 million in Low-Income Housing Tax Credit equity for Frazier Apartments, a 54-unit affordable seniors housing complex in Smyrna, a northern suburb of Dover. Units at Frazier Apartments are reserved for residents age 62 and above who earn between 40 and 60 percent of the area median income. The borrower, Severn Development Co., will use part of the financing to fund capital improvements. TD Bank also provided an $8.6 million construction loan for that project. Completion is scheduled for January 2024.

April 11, 2023

Delaware Loans Multifamily Northeast

Largo Capital Arranges $10M Loan for Refinancing of Multifamily Portfolio in Wilmington, Delaware

by Taylor Williams February 10, 2023

WILMINGTON, DEL. — Largo Capital, a commercial finance and advisory firm based in upstate New York, has arranged a $10 million loan for the refinancing of a multifamily portfolio in Wilmington. The portfolio consists of 230 units across 49 buildings and was 99 percent occupied at the time of the loan closing. Neal Colligan of Largo Capital originated the financing. The borrower and direct lender were not disclosed.

February 10, 2023

Delaware Development Industrial Northeast

First Industrial Realty to Develop 358,000 SF Distribution Center in Claymont, Delaware

by Taylor Williams January 16, 2023

CLAYMONT, DEL. — Chicago-based REIT First Industrial Realty Trust has acquired 28 acres in Claymont, about 25 miles south of Philadelphia, for the development of a 358,000-square-foot distribution center. The site is located within the 425-acre First State Crossing mixed-use development. The rear-load facility will offer a clear height of 40 feet, 68 dock positions and 241 trailer parking stalls. St. Louis-based Commercial Development Co. sold the land on which the facility will be built. Completion is slated for October.

January 16, 2023

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