Wilmington Industrial Logistics Development Lands $57M
Wheelock Street Capital and Camber Development has secured $57 million in construction financing for 800 Salem St., a 237,800-square-foot industrial logistics development in Wilmington, MA.
The property, fully entitled and under vertical construction, is expected to be completed in Q3 2024. Upon completion, the building will feature 47 dock positions, two drive-in doors, 36-foot clear heights, truck circulation, and ESFR fire suppression. It will also be one of the first fully electric warehouses in the state.
JLL represented the borrowers in securing the three-year construction loan from a national bank with a team led by Steven Klein, Brett Paulsrud and Ryan Parker. “Despite the prevailing headwinds in the construction lending market, liquidity is available for well-located projects with best-in-class sponsorship,” said Paulsrud.
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Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.