First Citizens Bank Provides $44 Million Construction Loan for Philadelphia Distribution Center

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First Citizens Bank provided $44 million in construction financing to Greek Real Estate Partners (GREP) to build a 287,000-square-foot distribution center in Philadelphia. The facility will be located on a 21.25-acre lot and is expected to be completed in the first half of 2025.

RALEIGH, N.C., Nov. 2, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Commercial Real Estate business provided $44 million in construction financing to Greek Real Estate Partners ('GREP') — a leading New Jersey-based, vertically-integrated real estate firm focused on industrial development — to build a Class A distribution center seven miles north of Downtown Philadelphia.

Located at 2121 Wheatsheaf Lane, the 287,000-square-foot distribution center with 40-foot clear height ceilings will be situated on a 21.25-acre lot in close proximity to key highways in the Northeast, including I-95, I-76, the New Jersey Turnpike and I-295.

Construction on the facility is expected to be completed in the first half of 2025, with demolition on the site's existing structures already underway.

"We appreciate the expertise and agility of First Citizens' Commercial Real Estate team in providing financing for the construction of this industrial building," said David Greek, managing partner at GREP. "The facility will be an excellent fit for an array of companies, given its unmatched location with access to the most densely populated metropolitan areas on the East Coast."

"We're pleased to provide this financing to GREP, who has a successful history of developing and operating industrial real estate," said Chris Niederpruem, group head for First Citizens Commercial Real Estate. "We are excited to support this construction project, and we look forward to assisting GREP in their future endeavors."

"With our deep industry relationships, experience and market expertise, we're pleased to advance GREP's goals by creating unique construction financing tailored to meet their needs," said Ted Dalton, a managing director of First Citizens Commercial Real Estate Bank who originated the transaction.

First Citizens Commercial Real Estate originates and underwrites senior secured real estate financing for single properties, property portfolios and loan portfolios.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com.

About Greek Real Estate Partners
Greek Real Estate Partners is a vertically integrated development company specializing in industrial real estate. Since 1934, GREP has completed over 30 million square feet of development projects and has built an outstanding reputation for excellence in the New Jersey and Pennsylvania industrial real estate markets. Currently ranked the third largest Real Estate Developer in New Jersey, the hallmarks of the company are the long-term client relationships it has built and its proven expertise. The company manages every phase of the development process, including site selection, design, construction, leasing, property management and tenant relations. The company's team of experienced, in-house managers diligently control all aspects of the development process culminating with clients cutting the ribbon and taking occupancy. GREP manages a portfolio encompassing over 20 million square feet in New Jersey and Pennsylvania.

MEDIA RELATIONS:   
Lexa Tutela Losey
212-461-5305
Lexa.tutela@firstcitizens.com 

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SOURCE First Citizens Bank

FAQ

What is the name of the bank providing the construction financing?

The bank providing the construction financing is First Citizens Bank.

How much construction financing did First Citizens Bank provide?

First Citizens Bank provided $44 million in construction financing.

Who is the real estate firm receiving the construction financing?

The real estate firm receiving the construction financing is Greek Real Estate Partners (GREP).

What type of building will be constructed?

A 287,000-square-foot distribution center will be constructed.

Where will the distribution center be located?

The distribution center will be located at 2121 Wheatsheaf Lane, seven miles north of Downtown Philadelphia.

When is the construction expected to be completed?

The construction is expected to be completed in the first half of 2025.