Wildflower Ltd. signs $94M construction loan with PIMCO for warehouse in College Point

Wildflower Ltd. through the entity WF Industrial X LLC as borrower signed a new construction loan with lender PIMCO through the entity PCRED II Holding XVII LLC valued at $94 million for the vacant property with an address of 28-10 Whitestone Expressway in College Point, Queens.
On the lot, there is one active new building construction project for a 252,298 square-foot warehouse (S-1) building. The project was submitted by Matthew Dicker of Wildflower Ltd. with plans filed March 9, 2022 and permitted September 16, 2022.
The loan closed on March 17, 2023 and was recorded on March 29, 2023.
The signatory for Wildflower Ltd. was Matthew A. Dicker. Wildflower controls the property through a short-term ground lease with the landlord, The New York Times Company. The parties initially signed an agreement to lease and a contract of purchase and sale, in December 2020.

A listing for the property is here.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

The block

On the tax block, there were two new building construction projects totaling 758,477 square feet. The largest is a 506,179-square-foot B building developed by James Lynn with plans filed May 18, 2016. The second largest is the 252,298-square-foot S-1 building developed by Matthew Dicker with plans filed March 9, 2022 and permitted September 16, 2022.

The majority, or 100 percent of the 443,492 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Wildflower Ltd. owned at least 23 commercial properties in New York City with 502,941 square feet and a city-determined market value of $63.4 million. (Market value is typically about 50% of actual value.) The portfolio has $254.5 million in debt, with top three lenders as Ares Management, JPMorgan Chase, and Santander Bank respectively. Within the portfolio, the bulk, or 94 percent of the 502,941 square feet of built space are industrial properties, with development properties next occupying 6 percent of the space. The bulk, or 94 percent of the built space, is in Queens, with Bronx next at 6 percent of the space.

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