Bridge Loan from BEB Capital Enables Acquisition Of Philly Site for ‘Last-Mile’ Distribution Center
Former 283,500-Square-Foot Home of Lighting Firm
Changes Hands for $8.5 Million; Loan Closed in 10 Days
PORT WASHINGTON, NY – May 13, 2020 – The lending division of BEB Capital has closed on a $5.5-million bridge loan, facilitating the acquisition of a 283,500-square-foot industrial facility in the Feltonville-Juniata Park area of Philadelphia. It is slated for conversion to a ‘last-mile’ distribution center.
The transaction, which closed in just ten days, is the third for BEB Capital’s new lending unit, established only last month.
The property, a two-building complex at 700 Ramona Avenue, is the former home of Simkar Corp., a lighting company that closed its doors in 2019. It was sold by a bankruptcy trustee to a local investment group for $8.5 million. A portion of the loan proceeds is intended for future capital improvements.
The site is minutes from center city Philadelphia, and less than a mile from the Roosevelt Expressway, which connects to Interstates 76 and 95.
“Key factors for us in underwriting this loan were the excellent location of the property and its suitability for today’s evolving light industrial market,” says Sean Silverbrook, vice president of BEB Capital’s lending division. “Given the growing demand for fast product delivery, its prospects for success as a distribution facility in a dense urban environment are exceedingly high.”
He notes that the buyer needed a quick decision on financing. “We were able to close in ten days, acting in a very timely way because of our agility as entrepreneurs and our extensive experience as property owners, including light industrial property,” says Mr. Silverbrook. “We understand the borrower’s world and can recognize the opportunities they see.”
“Our primary mission is to help ensure that borrowers can successfully execute their plans,” adds Keyvan Ghaytanchi, president of the lending division and chief operating officer of BEB Capital. “Fast decision-making is often a crucial factor in that regard.”
The new lending division has also closed on bridge loans on properties in the Jamaica and Flushing sections of Queens in New York City.
About BEB Capital
BEB Capital has a real estate and investment portfolio encompassing more than two million square feet of property on the East Coast, including industrial and multifamily assets on Long Island and in New York City. In addition, the firm has interests in a diverse set of businesses, some of which it owns and operates, and others in which it serves as a limited partner.
The firm, headquartered in its own building at 26 Harbor Park Drive in Port Washington, is owned by the Brodsky family, known for its long history in real estate development, and headed by Bert Brodsky. The BEB Capital team, led by Lee Brodsky, has some 100+ years of combined entrepreneurship and institutional industry experience to invest prudently, create value, and efficiently operate commercial and residential real estate. For more information, visit www.bebcapital.com.