Ivy Realty has secured $153 million to finance construction for the first phase of a 1.8 million-square-foot logistics facility adjacent to Philadelphia International Airport.

The developer plans to build the 1.05 million-square-foot first phase of the Airport Logistics Center on 66 acres at 10 Industrial Highway in Tinicum Township. The building is expected to be completed in early 2028. Investor Lubert-Adler Real Estate Funds is partnering with Ivy Realty on the project and is a co-borrower in the financing. TPG Real Estate Credit provided the floating-rate construction loan. Cushman & Wakefield’s John Alascio, Chuck Kohaut, TJ Sullivan and Aaron Graves arranged the financing for Ivy Realty and Lubert-Adler, reported the Philadelphia Business Journal.

Ivy Realty owns an adjacent 40-acre property approved for an industrial facility of up to 750,000 square feet, which constitutes the second phase of the development. The two phases combined would deliver 1.8 million square feet of industrial space.

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