Cushman & Wakefield announced today that the real estate services firm served as the exclusive adviser to Penwood Real Estate Investment Management LLC in the procurement of $20,315,000 for the refinancing of 6345 Brackbill Boulevard, a 507,634-square-foot industrial property in Mechanicsburg. The loan was provided by Univest Bank and Trust Company.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Sridhar Vankayala and Maya Steinberger represented the borrower.
“Penwood’s reputation and proven track record resonated with lenders. Univest put forth compelling terms which met the sponsor’s needs and subsequently closed the transaction seamlessly,” said John Alascio. “Despite launching the marketing during the pandemic, our team was able to generate wide lender interest leading to a successful closing,” added Sridhar Vankayala.
6345 Brackbill Boulevard is 100 percent leased to a wholly-owned subsidiary of an investment grade rated retailer that is expanding warehouse operations. The infill industrial center has 72 dock doors and is located at the core of the I-81 corridor with proximity to additional major highways, including I-76/PA Turnpike, I-83 and I-283. The surrounding area offers a strong population density and high quality labor force.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit
www.cushmanwakefield.com
