by Steve Lubetkin, Globest.com
Square Mile Capital Management originated a $54.4 million loan to finance completion of Interstate Distribution Center, a 1.1 million square foot bulk distribution warehouse facility being developed by a joint venture between affiliates of Endurance Real Estate Group and Blue Vista Capital, in Pittston, PA.
“Endurance and Blue Vista Capital are experienced, extremely well respected developers and operators of industrial properties in Pennsylvania and throughout the broader Northeast markets,” says Square Mile Capital principal Eric Cohen. “We like the investment potential for financing distribution properties going forward and we will seek additional opportunities to deploy capital accordingly in markets across the country.”
Endurance is a Philadelphia-based real estate company specializing in industrial value-add and development projects, while Blue Vista Capital is a Chicago-based investment management firm.
Square Mile Capital originated the loan alongside senior financing provided by CIT Group. The financing was arranged by Ryan Ade of HFF’s Philadelphia office.
The development is located at the confluence of Interstates 81 and 476, providing convenient access to major metropolitan areas along the eastern seaboard. Nearly 33 percent of the U.S. population and 50 percent of the Canadian population are located within a 24-hour drive of the property. The submarket has experienced considerable growth in recent years with Amazon, Lowes, Walmart, and FedEx all occupying distribution facilities nearby.
“We are pleased to leverage our expertise to support the financing needs of Endurance and Blue Vista Capital by participating in this transaction,” says Chris Niederpruem, managing director and East Coast head of CIT’s Real Estate Finance group.
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