DH Property Holdings Secures Nearly $77M Loan for Industrial Development
The 282,736-square-foot logistics facility is being financed through Invesco Real Estate and Webster Bank.
PHILADELPHIA–DH Property Holdings has secured $76.8 million in financing from Invesco Real Estate and Webster Bank to retire its $59 million construction loan for its newly completed industrial development at 9801 Bluegrass Road in Philadelphia, PA.
The new facility, fully leased to TJX Companies, is 54 foot clear with the structural capacity to load the entire clearstory. The building features modern accommodations, including ESFR sprinkler systems, LED lighting, and dock loading as well as car and trailer parking. The property is situated near Route 1 and offers direct access to Interstate 95 and the Pennsylvania Turnpike.
After executing a lease for the entire property with TJX in October of 2020, DHPH’s team began the demolition of a 388,000-square-foot Class C warehouse in order to develop a new, state-of-the-art 282,736-square-foot logistics facility. The firm previously landed a $59 million construction loan from PCCP for the redevelopment of the site in the Spring of 2021.
DHPH has a total capitalization of more than $600 million across 2.25 million feet of space in Philadelphia. In addition to its existing properties, DHPH currently has more than $2.5 billion under management, across more than 5 million square feet of Class-A urban warehouses complete or under development throughout the Northeast, including in New York City, Boston, New Jersey and Philadelphia.