Wheelock Street Capital and Camber Development have successfully secured $57 million in construction financing for their latest project, 800 Salem St. This industrial logistics development, located in Wilmington, MA, spans over 237,800 square feet and is expected to be completed by Q3 of 2024.
The property has already been fully entitled and vertical construction is currently underway. Once finished, it will boast impressive features such as 47 dock positions, two drive-in doors, a height clearance of up to 36 feet for trucks to easily maneuver through the site’s truck circulation system. Additionally,it will also feature ESFR fire suppression technology making it one of the first fully electric warehouses in Massachusetts.
JLL played a key role in securing this three-year construction loan from a national bank on behalf of the borrowers. The team responsible for this achievement was led by Steven Klein along with Brett Paulsrud and Ryan Parker who stated that despite challenges faced within the current market climate regarding lending towards new constructions projects; there are still opportunities available especially when working with reputable sponsors like Wheelock Street Capital and Camber Development.
