NEW
YORK, June 26, 2024 /PRNewswire/ -- First
Citizens Bank today announced that its 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.
Located at 3800 S Congress Ave., Egret Point Logistics Center
will consist of two Class-A rear-load industrial buildings
aggregating 457,110 SF, featuring 32-feet clear height ceilings,104
dock doors, four drive-in doors, and 539 traditional parking
spaces. The site is located roughly 3 miles from the I-95 north and
south access points.
"Our new facility is situated in an excellent location within
busy and growing market for logistics services," said Ted Elam, Principal, Foundry Commercial.
"We appreciated the expertise of the First Citizens
Commercial Real Estate team in securing this construction
financing."
Wheelock Street Capital LLC is a private real estate investment
firm based in Greenwich, CT and
was founded by Merrick R. Kleeman
and Johnathan H. Paul. Wheelock
consists of a premier investment and asset management team since
its inception 15 years ago. They have raised eight funds,
representing $5 billion in capital
commitments, and deployed over $11
billion in total value on behalf of well-known institutional
investors.
Foundry Commercial's Development and Investments platform
oversees one of the largest pipelines of ground-up development and
acquisitions in the southern United
States. Headquartered in Boca
Raton, Florida, Foundry's development and investment
platform is fully integrated with its services business and is
currently invested in over $4.3
billion in joint ventures with institutional investors
throughout the country.
"We are thrilled to work with the solid partnership between
Wheelock Street Capital and Foundry Commercial," said Chris Niederpruem, managing director and group
head for First Citizens Commercial Real Estate business. "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," said Juan Vives, managing
director and relationship manager for First Citizens Bank
Commercial Real Estate. "This transaction is a solid demonstration
of our commitment to supporting our customers grow with their
businesses and cultivating long-lasting relationships."
First Citizens Commercial Real Estate originates and
underwrites senior secured real estate financing for single
properties, property portfolios and loan portfolios.
JLL's Capital Markets team represented Wheelock Street Capital
and Foundry Commercial in the transaction. Senior Managing
Directors Steven Klein and
Melissa Rose worked on the
transaction on behalf of Foundry and Wheelock.
About First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a
unique legacy of strength, stability and long-term thinking that
has spanned generations. First Citizens offers an array of general
banking services including a network of more than 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. Parent company First Citizens BancShares,
Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with
more than $200 billion in assets and
a member of the Fortune 500™. Discover more at
firstcitizens.com.
About Wheelock Street Capital
Wheelock Street Capital
L.L.C. is a private real estate investment firm founded in 2008 by
Merrick R. Kleeman and Jonathan H. Paul, two veteran real estate
private equity investors, each with over 30 years of broad real
estate transaction experience across all major asset classes and a
desire to get back to hands-on investing. Wheelock has assembled a
premier investment and asset management team and produced a 15+
year track record of demonstrated and consistent outperformance
over industry benchmarks. Since inception, Wheelock has raised
eight funds, representing over $5
billion in capital commitments and deployed over
$11 billion in total value on behalf
of well-known institutional investors. This includes $1.2 billion and $1
billion of capital that the Firm is currently deploying in
its opportunistic/value-add vehicle and open-end long-term value
vehicle, respectively.
About Foundry Commercial:
Foundry Commercial is a
full-service commercial real estate services and investment company
operating across the office, industrial, retail, multi-family,
healthcare, religious, and not-for- profit asset classes and
clients. Focused on the Sun Belt markets, Foundry is sustained by
2,900 associates operating from 12 markets, providing leasing and
management on more that 68 million square feet and over 3,000
seniors housing units, typically executing over $2 billion in leasing, tenant rep, and investment
sale transactions annually. Foundry's development and investment
platform is fully integrated with its services business and is
currently invested in over $4.3
billion in joint ventures with many of the best-known
institutional investors in the country. For more information, visit
www.foundrycommercial.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial
real estate and investment management company, has helped clients
buy, build, occupy, manage and invest in a variety of commercial,
industrial, hotel, residential and retail properties. A Fortune
500® company with annual revenue of $20.8
billion and operations in over 80 countries around the
world, our more than 106,000 employees bring the power of a global
platform combined with local expertise. Driven by our purpose to
shape the future of real estate for a better world, we help our
clients, people and communities SEE A BRIGHTER WAYSM.
JLL is the brand name, and a registered trademark, of Jones Lang
LaSalle Incorporated. For further information, visit
jll.com.
MEDIA RELATIONS:
Ella
Bristow
(212) 461-5322
Ella.bristow@firstcitizens.com
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SOURCE First Citizens Bank