Walker & Dunlop Arranges Debt for $146 Million State-of-the-Art Logistics Facility in Queens, NY
Bethesda, Maryland |
March 23, 2023
Walker & Dunlop, Capital Markets announced today that it arranged a $94 million construction financing to facilitate the development of Wildflower Ltd.’s $146 million College Point Logistics Center, a Class A logistics warehouse development located on the Whitestone Expressway (I-678) in College Point, Queens, NY.
The company represented Wildflower Ltd. and its joint-venture partner, Drake Real Estate Partners, to secure the floating rate construction loan.
College Point Logistics Center is a ground-up, modern Class A warehouse and structured parking facility that will feature 81,000 rentable square feet of industrial space,160,000 square feet of enclosed parking spanning two floors accessible via a ramp, and 68,000 square feet of surface parking and loading space. Wildflower purposefully designed a ground-floor warehouse and multi-story parking structure to maximize the project’s efficiency in the densest industrial and parking markets in the country and meet the needs of modern industrial and logistics tenants. The project will be completed in Q2 2024 and will stand out as the premier industrial and parking facility in the Northeast Queens submarket.
"The industrial and logistics market is in desperate need of a modern warehouse and distribution facility, especially in such a prominent location along the Whitestone Expressway that provides immediate access to all major NYC highways,” said Adam Gordon, managing partner of Wildflower. "We are thrilled to close another deal with Walker & Dunlop’s NY Capital Markets team. This represents Wildflower’s eighth industrial project in Queens, and we are excited to watch College Point flourish in the years to come,” said Matthew Dicker, partner and chief financial officer of Wildflower.
College Point Logistics Center is strategically located alongside the Whitestone Expressway, providing direct access to both LaGuardia International Airport, John F. Kennedy International Airport, New York and Atlantic Railways, and the Red Hook Container Terminal, and will stand out as the premier industrial facility in the Northeast Queens submarket.
"We are pleased to announce the successful capitalization of this exceptional project,” said Schwartz, senior managing director and co-head of NY Capital Markets at Walker & Dunlop. “The senior lender recognized the outstanding investment characteristics of this development and the strength of the sponsorship in today’s disrupted capital markets.”
In 2022, the Walker & Dunlop Capital Markets segment sourced capital for transactions totaling nearly $26 billion from non-Agency capital providers. This vast experience has made them a top adviser on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s diverse financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
About Wildflower Ltd. LLC
Founded by Adam Gordon and Matthew Dicker, Wildflower owns over 3 million square feet of real estate in the New York metro area. Wildflower focuses on the development of institutional quality industrial warehouse, logistics parking, film studio and self-storage assets. For further information, visit www.wildflowerltd.com.
About Drake Real Estate Partners
Founded in 2012, Drake Real Estate Partners is a real estate investment and asset management firm based in New York City. Drake seeks to invest in high quality, income-producing real estate assets at a significant discount to replacement cost, and drives value by focusing on repositioning, leasing, and improving operations. Drake uses the flexible, long-term nature of its capital to its advantage by seeking out opportunities that have been overlooked by other investors. Drake has completed over $2.3 billion in transactions to date and has invested across a variety of geographies and property types, including multifamily, industrial (incl. industrial outdoor storage), office (incl. medical office and creative office), self-storage, senior housing, retail, and hospitality.
Drake is a proud member of 1% For The Planet, donating 1% of the firm’s revenues to not-for-profit conservation-related initiatives in the markets in which it invests. For further information, visit www.drakerep.com.
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