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Walker & Dunlop Arranges Joint-Venture Equity and Construction Financing for Last-Mile Industrial Development in Philadelphia, PA

By: via Business Wire

Walker & Dunlop, Inc. announced today that it arranged $40 million in limited partner equity and $135 million in construction financing for the development of 5000 Richmond Street, a 750,000 square foot last mile industrial distribution facility in Philadelphia, PA.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230712795932/en/

5000 Richmond Street (Photo: Business Wire)

5000 Richmond Street (Photo: Business Wire)

Walker & Dunlop's Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Mo Beler, Michael Diaz, and Michael Ianno were exclusive advisors to DH Property Holdings, LLC ("DHPH") and a confidential life insurance company. Proceeds will fund the development and lease-up of the two-building facility.

"We are pleased to announce the successful debt and equity capitalization of this exceptional project," said Appel, senior managing director and co-head of the NY Capital Markets team at Walker & Dunlop. "This multi-year effort began with our team sourcing LP capital to help DHPH acquire the land in the depths of COVID and culminated in a competitive construction financing package from Barings. We have no doubt that 5000 Richmond will attract the best tenants in the market given its location and design.”

The project is well positioned within the Philadelphia market, just 6 miles from Center City and proximate to some of the city's most densely populated counties. The location offers future tenants immediate access to I-95 (2 minutes), I-276, and I-476 – allowing easy access to New York City and Washington, D.C.

"As we navigate this challenging environment, Barings is focused on providing financing solutions for strong sponsors, particularly those with high-quality projects located in strong markets," said Jonathan Neff, managing director of Barings Real Estate. "Barings shares DHPH’s conviction in urban infill industrial, and we are pleased to partner with them on this best-in-class project."

Upon completion, the site will become a two-building, Class A industrial campus totaling over 750,000 square feet and featuring 40' clear heights, 112 loading dock doors, 206 trailer parking stalls, and 759 car-parking stalls. The site is also located in a Qualified Opportunity Zone and benefits from a long-term tax abatement provided by the City of Philadelphia.

"We thank the Walker & Dunlop team for assisting in the successful capitalization of this market-leading development," said Aaron Malitzky, executive vice president at DH Property Holdings. "We also hope that this is the first of many transactions with the Barings team, who was great to work with despite a volatile capital markets landscape."

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 advisor 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 DH Property Holdings

Founded in 2016 by company President Dov Hertz, DH Property Holdings is a Manhattan-based industrial real estate development, investment and management firm with an extensive track record of acquiring and developing best-in-class assets. DHPH currently has over 6 million square feet, or over $2.5 billion, of Class-A urban warehouses complete or underway throughout the Northeast, including New York, New Jersey, Boston and Philadelphia.

Upcoming Walker & Dunlop Events

The 2023 Zelman Housing Summit, occurring September 18-21, is widely regarded as the premier housing-related conference in the industry. This event will feature a wealth of research content and lively panel discussions with C-suite executives providing an unparalleled view of the housing ecosystem. With an attendance of 1000 institutional investors and industry executives, the summit offers thought-provoking panels across the housing mosaic. To learn more or to register for please visit the following link.

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