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Trammell Crow JV Secures $46M Construction Loan for Maryland Development
PCCP, LLC completed a $45.6 million senior construction loan to a joint venture of Trammell Crow Company and Diamond Realty Investments for the proposed development of I-81 Industrial Center at Vista Business Park. The new warehouse/distribution facility will be located just south of the Hagerstown Regional Airport, on an 83.3-acre site on Crayton Boulevard and Perini Avenue in Hagerstown, MD.
PCCP’s Kevin Chin says, “The development is well-positioned to compete favorably against other large, speculative buildings in the market. Additionally, its location within the Washington County Enterprise Zone will allow it to offer tenants a highly competitive value proposition with incentive/credit programs that provide a substantial advantage.”
The project will consist of a 1.2-million-square-foot, Class A facility with an option to expand by up to 300,000 square feet. The cross-docked bulk distribution facility will feature a 130-foot truck court with a 60-foot concrete apron, 40-foot clear heights, 184 loading docks, and 587 parking spaces (expandable to 3,000 spaces). The site is roughly 80 miles northwest of Washington D.C., 80 miles northwest of Baltimore and 70 miles southwest of Harrisburg.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development
