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Pearlmark Closes $70M Refinancing for Tri-State Distribution Center in Delaware
Pearlmark closed on a $70 million senior mortgage investment for the refinance of Tri-State Distribution Center, a 525,000-square-foot cross-docked distribution center at 401 Naamans Road in Claymont, Delaware.
JLL Capital Markets arranged the bridge financing for the newly delivered industrial warehouse, working on behalf of the borrower, a joint venture between KPR Centers LLC and PCCP LLC, to secure the three-year bridge loan with extension options through Pearlmark, on behalf of its new senior mortgage debt fund, PRSM I. Steve Gordon, Managing Director of Pearlmark, arranged the transaction.
The property was developed by KPR Centers and PCCP in 2025. The property features 40’ clear heights, 3,050 square feet of spec office, LED lighting, 97 dock doors, four drive-in doors, 271 employee parking spaces, and 114 trailer parking spaces. The property is in the Wilmington Industrial submarket, with connectivity to the Port of Wilmington, Philadelphia International Airport, and the Northeast Corridor via I-95.
