$52.3M In Construction Financing Arranged Boynton Industrial Development

JLL Capital Markets arranged $52.3 million in senior construction financing for Egret Point Logistics Center in Boynton Beach.

JLL worked on behalf of the borrower, a joint venture between Foundry Commercial and Wheelock Street Capital, to secure the financing from First Citizens Bank.

Egret Point Logistics Center is located at 3800 S Congress Ave. and will consist of a Class A, two-building, variable-depth multi-tenant industrial development totaling 457,110 square feet. The project site totals 30.78 acres and features direct frontage along I-95, one of the major regional transit arteries for South Florida and the Southeast region.

The project is located in a highly convenient location within southern Palm Beach County, allowing the property to attract tenants and service consumers from both Broward County and Miami-Dade County to the south. This location, coupled with Boynton Beach commanding rents at a discount to other South Florida markets, creates a highly competitive position for this project.

A former Baptist Health System clinic, the site is the latest example of the ongoing redevelopment of obsolete assets into premier industrial warehousing, leveraging the site’s unique frontage and expansive acreage to create a premier industrial development opportunity.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Steven Klein and Melissa Rose and Associate Mateo Bolivar.

“The sponsors’ forward-thinking decision to redevelop an obsolete medical office building into a Class A logistics property illustrates the ongoing demand for infill industrial sites in South Florida, particularly for multitenant space,” said Rose.

 

Klein added, “It’s a privilege to work on behalf of our best-in-class sponsors to secure financing for this project. We are thankful to our lender team for their successful closing on an efficiently priced non-recourse construction loan amidst current volatility in the debt markets.”

 

“We were pleased to work with Foundry Commercial, Wheelock Street Capital and JLL to arrange financing for this new logistics center in a prime location and a growing market,” said Juan Vives, a managing director with First Citizens Bank Commercial Real Estate.