Meridian Bank has expanded its relationship with Velocity Venture Partners, a Philadelphia-based investment firm, to finance five industrial real estate projects totaling more than $20 million.
The five projects, each funded separately, exceed 330,000 square feet of industrial space in Bucks County (Quakertown, Newtown, Bensalem, and Huntingdon Valley) and Cherry Hill, N.J.
Run by founding partners Tony Grelli and Zach Moore, Velocity specializes in the acquisition and management of last-mile industrial real estate assets in Greater Philadelphia. The firm currently owns and manages more than four million square feet of industrial real estate, a portfolio comprised of 60 separate assets.
“Velocity is strategically positioned to be the most efficient and agile acquisitions team in the market,” Grelli said. “We aim for deal feedback within 24 hours of each opportunity, which requires a nimble and innovative financing partner. Geoff Sheehan and his team at Meridian Bank have allowed us to move incredibly quickly on deals, regardless of the complexities that inevitably arise in each acquisition.”
Sheehan, Senior Vice President of Commercial Lending at Meridian Bank, handled the financing for all five projects.
“Both Zach and Tony have a strong finance background and an impressive entrepreneurial vision,” said Sheehan. “They act quickly on opportunities and routinely outperform expectations. The deals they want to do are our specialty; we can make these happen and secure funding quickly.”
The Velocity team can be reached at email@example.com. Sheehan is based in Malvern and can be reached at firstname.lastname@example.org.
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