Walker & Dunlop, Capital Markets announced today that it arranged a $94 million construction financing to facilitate the development of Wildflower Ltd.’s $146 million College Point Logistics Center, a Class A logistics warehouse development located on the Whitestone Expressway (I-678) in College Point, Queens, NY. The company represented Wildflower Ltd. and its joint-venture partner, Drake Real Estate Partners, to secure the floating rate construction loan.
College Point Logistics Center is a ground-up, modern Class A warehouse and structured parking facility that will feature 81,000 rentable square feet of industrial space, 160,000 square feet of enclosed parking spanning two floors accessible via a ramp, and 68,000 square feet of surface parking and loading space. Wildflower purposefully designed a ground-floor warehouse and multi-story parking structure to maximize the project’s efficiency in the densest industrial and parking markets in the country and meet the needs of modern industrial and logistics tenants. The project will be completed in Q2 2024 and will stand out as the premier industrial and parking facility in the Northeast Queens submarket.
“The industrial and logistics market is in desperate need of a modern warehouse and distribution facility, especially in such a prominent location along the Whitestone Expressway that provides immediate access to all major NYC highways,” said Adam Gordon, managing partner of Wildflower. “We are thrilled to close another deal with Walker & Dunlop’s NY Capital Markets team. This represents Wildflower’s eighth industrial project in Queens, and we are excited to watch College Point flourish in the years to come,” said Matthew Dicker, partner and chief financial officer of Wildflower.
College Point Logistics Center is strategically located alongside the Whitestone Expressway, providing direct access to both LaGuardia International Airport, John F. Kennedy International Airport, New York and Atlantic Railways, and the Red Hook Container Terminal, and will stand out as the premier industrial facility in the Northeast Queens submarket.
“We are pleased to announce the successful capitalization of this exceptional project,” said Schwartz, senior managing director and co-head of NY Capital Markets at Walker & Dunlop. “The senior lender recognized the outstanding investment characteristics of this development and the strength of the sponsorship in today’s disrupted capital markets.”
In 2022, the Walker & Dunlop Capital Markets segment sourced capital for transactions totaling nearly $26 billion from non-Agency capital providers. This vast experience has made them a top adviser on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s diverse financing options, visit our website.