First Citizens Bank Provides $52 Million in Financing for Egret Point Logistics Center in Boynton Beach, Florida

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Jun 26, 2024, 08:57 ET

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 WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com. 

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SOURCE First Citizens Bank