JLL arranges a three-year fixed-rate bridge loan for a 287,218-square-foot property at 2121 Wheatsheaf Lane
Greek Real Estate Partners, a family-owned industrial real estate firm based in East Brunswick, New Jersey, has secured a $46 million, three-year fixed-rate bridge loan for its newly completed 287,218-square-foot industrial facility located at 2121 Wheatsheaf Lane in Philadelphia.
The property is strategically positioned at the base of the Betsy Ross Bridge and benefits from a 10-year real estate tax abatement offered by the city of Philadelphia. It is located approximately five miles from Center City Philadelphia, 1.6 miles from the Port of Philadelphia, and 15 miles from Philadelphia International Airport.
According to the developer, the site represents one of the few remaining infill industrial locations near the city, where available land is increasingly limited. Demand for modern industrial space in Philadelphia remains strong, particularly for facilities that offer features such as high clear heights, trailer storage capacity, and convenient highway access.
The company noted that this financing strengthens the property’s positioning for long-term leasing success in Philadelphia’s urban core, where large-scale, modern industrial spaces are in short supply.
Alex Motiuk of Greek Real Estate Partners stated that the property provides a well-located, large-scale logistics solution within the city.
The loan was arranged by JLL Capital Markets and financed by an undisclosed life insurance company.
For the record:
Leasing for the property is being handled by a JLL team including Kyle Lockard, Larry Maister, Nate Demetsky, and Jeff Lockard.
Source: Original reporting by Javon Roach, CoStar News.
