Ivy Realty assembles $153M package for Philadelphia logistics project

Ivy Realty has secured $153 million in construction financing for the first phase of Airport Logistics Center, a 1.05 million-square-foot industrial building on 66 acres beside Philadelphia International Airport.

The $153 million covers both debt and equity, and REBusiness Online reported that the amount of each piece was not disclosed. TPG Real Estate Credit provided the floating-rate construction loan, according to Connect CRE. Lubert-Adler Real Estate Funds is Ivy Realty's partner on the project and a co-borrower on the financing. A Cushman & Wakefield team including John Alascio, Chuck Kohaut, T.J. Sullivan and Aaron Graves arranged the loan and advised on the structuring of the equity for the project.

For an allocator, that makes the headline number a package rather than a loan. Until the split is disclosed, the $153 million cannot be converted into a loan-to-cost ratio or a per-square-foot debt benchmark against other Philadelphia-area industrial starts. The open question for anyone lending or investing alongside the sponsorship is where Lubert-Adler's equity sits behind the TPG loan and on what terms. Interest on a floating-rate facility also accrues through the build, before the building is finished.

The site is 10 Industrial Highway in Tinicum Township, and the first building is planned with 240 dock doors and parking for 704 cars and 209 trailers. Completion is slated for early 2028. Ivy Realty owns an adjacent 40-acre parcel approved for an industrial facility of up to 750,000 square feet, which makes up the second phase; the two phases combined would deliver 1.8 million square feet.