PHILADELPHIA — CBRE has arranged a $156 million loan for the refinancing of Bridge Point Philadelphia, an 889,300-square-foot industrial property.
Canyon Partners Real Estate and J.P. Morgan provided the loan to the owner of the property, Chicago-based Bridge Industrial, which will use a portion of the proceeds to fund lease-up costs. Steve Roth led the CBRE team that originated the debt.
Delivered in 2024, Bridge Point Philadelphia comprises two buildings, one of which features a rear-load configuration and the other of which features a cross-dock configuration. The development also offers “excess “trailer parking, and multi-tenant divisibility. Third-party logistics firm Veho signed a 148,611-square-foot lease at the property shortly after it was completed.
In addition, Bridge Point Philadelphia offers proximity to an array of major thoroughfares and logistics hubs, including interstates 76, 95 and 476, as well as the Port of Philadelphia and Philadelphia International Airport.
“We were pleased to work closely with Canyon, whose efforts were instrumental in efficiently completing this financing,” said Roth, who holds the title of vice chairman at CBRE. “Their collaborative approach ensured a smooth execution and a successful outcome for all parties involved.”
- Taylor Williams