5000 Richmond Street will be leased post-construction. Credit: Walker & Dunlop/Business Wire.

US-based real estate company Walker & Dunlop has sourced $40m in limited partner (LP) equity and $135m in construction funding for a last-mile industrial distribution centre in Philadelphia, US.

The proceeds will support the construction and subsequent leasing of 5000 Richmond Street, a 750,000ft² two-building facility.

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The property will offer residents convenient access to the I-95, I-276, and I-476 motorways, enabling quick access to New York City and Washington DC.

Walker & Dunlop NY Capital Markets’ senior managing director and co-head Aaron Appe said: “We are pleased to announce the successful debt and equity capitalisation of this exceptional project.

“This multiyear effort began with our team sourcing LP capital to help DHPH [DH Property Holdings] acquire the land in the depths of Covid and culminated in a competitive construction financing package from Barings [Real Estate].”

Walker & Dunlop’s officials, comprising Appe, Aaron Appel, Keith Kurland, Jonathan Schwartz, Mo Beler, Michael Ianno, and Michael Diaz served as the exclusive consultants to DH Property Holdings and an undisclosed life insurance company.

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Barings Real Estate managing director Jonathan Neff said: “As we navigate this challenging environment, Barings is focused on providing financing solutions for strong sponsors, particularly those with high-quality projects located in strong markets.

“Barings shares DHPH’s conviction in urban infill industrial, and we are pleased to partner with them on this best-in-class project.”

When completed, the property will be a Class A industrial campus with 40ft clear heights, 112 loading dock doors, 206 trailer parking spots, and 759 car spaces.

DHPH executive vice-president Aaron Malitzky said: “We thank the Walker & Dunlop team for assisting in the successful capitalisation of this market-leading development.

“We also hope that this is the first of many transactions with the Barings team, who was great to work with despite a volatile capital markets landscape.”