First Citizens Bank's Commercial Real Estate business provided $52 million in financing to a joint venture between Wheelock Street Capital and Foundry Commercial for the construction of Egret Point Logistics Center in Boynton Beach, Florida.
Located at 3800 S Congress Ave., Egret Point Logistics Center will consist of two Class-A rear-load industrial buildings aggregating 457,110 SF, featuring 32-feet clear height ceilings,104 dock doors, four drive-in doors, and 539 traditional parking spaces. The site is located roughly 3 miles from the I-95 north and south access points.
“Our new facility is situated in an excellent location within busy and growing market for logistics services,” said Ted Elam, Principal, Foundry Commercial. “We appreciated the expertise of the First Citizens Commercial Real Estate team in securing this construction financing.”
Wheelock Street Capital LLC is a private real estate investment firm based in Greenwich, CT and was founded by Merrick R. Kleeman and Johnathan H. Paul. Wheelock consists of a premier investment and asset management team since its inception 15 years ago. They have raised eight funds, representing $5 billion in capital commitments, and deployed over $11 billion in total value on behalf of well-known institutional investors.
Foundry Commercial’s Development and Investments platform oversees one of the largest pipelines of ground-up development and acquisitions in the southern United States. Headquartered in Boca Raton, Florida, Foundry’s development and investment platform is fully integrated with its services business and is currently invested in over $4.3 billion in joint ventures with institutional investors throughout the country.
“We are thrilled to work with the solid partnership between Wheelock Street Capital and Foundry Commercial,” said Chris Niederpruem, managing director and group head for First Citizens Commercial Real Estate business. “This property serves a strong market that will help meet the needs of perspective businesses in the area.”
“The combined strengths of Wheelock Street Capital and Foundry Commercial presented a tremendous opportunity to deliver strategic and comprehensive financial solutions to meet their business goals,” said Juan Vives, managing director and relationship manager for First Citizens Bank Commercial Real Estate. “This transaction is a solid demonstration of our commitment to supporting our customers grow with their businesses and cultivating long-lasting relationships.”
JLL’s Capital Markets team represented Wheelock Street Capital and Foundry Commercial in the transaction. Senior Managing Directors Steven Klein and Melissa Rose worked on the transaction on behalf of Foundry and Wheelock.