– Cushman & Wakefield Arranges Financing
-Philadelphia, PA – April 15, 2024 – Cushman & Wakefield announced today that the real estate services firm served as the exclusive advisor to Rockefeller Group and PCCP in the procurement of $100,200,000 in construction financing for Rockefeller Group Logistics Center on the Boulevard, a speculative industrial project that will consist of two buildings totaling 656,904 square feet at 15000 Roosevelt Boulevard in Philadelphia. The loan was provided by New York Life Real Estate Investors.
“Rockefeller Group and PCCP are excited for New York Life Real Estate Investors to join us on this project in Philadelphia and would like to thank the team at Cushman & Wakefield for their hard work on securing this loan,” said Heath Abramsohn, Vice President, Regional Director, for Rockefeller Group. “Given the current economic climate, construction loan lenders like New York Life Real Estate Investors have become invaluable to the development process.”
Cushman & Wakefield’s John Alascio, Aaron Graves, Alex Lapidus, Chuck Kohaut, TJ Sullivan and Jason Blankfein represented the borrowers.
“Partnership with experienced sponsors such as Rockefeller Group and PCCP and capital markets bankers such as C&W provide the opportunity for us to create a robust risk adjusted return for our structured debt platform. This infill, last-mile location coupled with low vacancy rates in Northeast Philadelphia, was an attractive investment opportunity. We are eager to grow our loan portfolio and will endeavor in 2024 to continue expanding our footprint across the United States,” said Elizabeth Roy of New York Life Real Estate Investors.
Upon completion, Rockefeller Group Logistics Center on the Boulevard will consist of two state-of-the-art industrial buildings situated on 50.44 acres. Building A will total 318,696 square feet and will include 36’ clear heights, 49 dock doors, two drive-in doors and 57 trailer parking spots. Building B will consist of 338,208 square feet and will feature 36’ clear heights, 46 dock doors, 2 drive-in doors and 52 trailer parking spots. The property will boast ample car parking.
“Ideally situated in Philadelphia County directly off of Route 1, we believe Rockefeller Group Logistics Center on the Boulevard will be a best-in-class industrial property that will allow future tenants to benefit from the ability to reach millions of consumers within a short drive, in addition to leveraging the area’s skilled labor force,” said Alascio. “We are thrilled to work with Rockefeller and PCCP on this project.”
Rockefeller Group Logistics Center on the Boulevard is located at the northeast corner of Roosevelt Boulevard and Southampton Road, ideally situated directly off US Route 1, providing convenient access to major interchanges for I-276 and I-95.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.
About Rockefeller Group
Rockefeller Group develops, owns and operates extraordinary properties across the United States. For nearly a century, the company has delivered exceptional experiences and value creation through dedication to quality in the built environment. The company’s portfolio spans the development of office, multifamily, industrial and mixed-use projects across six geographic regions as well as significant ownership interest in and management of approximately six million square feet of world-class office space in Manhattan. Visit RockefellerGroup.com.
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $23.6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 25-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $40.6 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. For more information please visit: www.nylinvestors.com
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 180 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans and commercial mortgage backed securities. With $67.7 billion in assets under management as of December 31, 2023(1) New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
(1) Real Estate Investors AUM of $67.7B is gross and includes AUA ($866M) as of 12/31/2023. Net AUM for Real Estate Investors is $66.9B as of 12/31/2023.