First Citizens Bank’s commercial real estate business provided $52 million in financing to a joint venture between Wheelock Street Capital and Foundry Commercial for the construction of Egret Point Logistics Center in Boynton Beach, Florida.
“Our new facility is situated in an excellent location within busy and growing market for logistics services,” Ted Elam, principal of Foundry Commercial, said. “We appreciated the expertise of the First Citizens Commercial Real Estate team in securing this construction financing.”
“We are thrilled to work with the solid partnership between Wheelock Street Capital and Foundry Commercial,” Chris Niederpruem, managing director and group head for First Citizens’ commercial real estate business, said. “This property serves a strong market that will help meet the needs of perspective businesses in the area.”
“The combined strengths of Wheelock Street Capital and Foundry Commercial presented a tremendous opportunity to deliver strategic and comprehensive financial solutions to meet their business goals,” Juan Vives, managing director and relationship manager for First Citizens Bank commercial real estate, said. “This transaction is a solid demonstration of our commitment to supporting our customers grow with their businesses and cultivating long-lasting relationships.”
JLL’s Capital Markets team represented Wheelock Street Capital and Foundry Commercial in the transaction. Steven Klein and Melissa Rose, senior managing directors, worked on the transaction on behalf of Foundry and Wheelock.
