Philadelphia Industrial Park Receives $10 Million in Financing via Walker & Dunlop
Walker & Dunlop, Inc. announced today that it structured $10,084,000 in financing for Curtis Industrial Park, a 520,085 square foot multi-tenant, owner-occupied industrial condominium in Sharon Hill, Pennsylvania.
Walker & Dunlop’s Philadelphia Capital Markets team was led by Managing Directors John Banas and Kris Wood, as well as Analysts Rhett Saltiel, John Wilson, Erik DiGirolamo, and Dan Quinn. The team arranged $3,672,000 in financing for the refinance of 278,990 square feet, which allowed the owner, Auroch Partners, to acquire an additional 241,095 square feet of adjacent industrial space. The acquisition financing totaled $6,412,000. Walker & Dunlop canvassed its strong network of capital providers and determined that a regional bank, which has a long-standing working relationship with the team, was the ideal capital partner for the client. The team structured the debt with full-term, interest-only payments and an attractive floating rate.
"I've financed many commercial deals on a direct basis and with intermediaries over the years, but no one has worked harder than John Banas and the team at Walker & Dunlop,” commented Auroch Partners’ Dave Krysiak. “We had a complicated transaction with unusual lease structures, and John got it done."
“This financing represents a new banking relationship for Auroch Partners, a strong owner-operator within the greater Philadelphia metro area,” said Mr. Banas. “This transaction was a unique assignment, and the structured financing highlights Walker & Dunlop’s versatility and acuity with specialty asset classes, such as this industrial condominium.”
Formerly a manufacturing facility, Curtis Industrial Park was recently converted into an industrial condominium complex. The new development features a variety of industrial units as well as office suites. The property is currently 100% occupied, and its tenants include six different firms, all of which have thrived despite the COVID-19 pandemic. The property is proximate to Philadelphia’s major thoroughfares, including Pennsylvania Route 291, U.S. Route 13, Interstate 95, and Interstate 476. With the Philadelphia International Airport located two miles south of the property and Philadelphia’s Center City approximately eight miles away, the property is well-positioned for both in- and out-bound distribution.
Walker & Dunlop has one of the strongest industrial finance networks in the industry, with over 100 dedicated experts in the sector. In 2019 and 2020, Walker & Dunlop completed 160 industrial property transactions in 21 states.
For more insights on the industrial market, including trends driving new warehouse construction, the need for urban infill industrial properties, and case studies on recently closed transactions, please see our Industrial Market Report.