HFF Arranges $41.2 Million in Financing for Edison Industrial Center
The Middlesex Logistic Center, a 570,100-square foot warehouse and distribution center in Edison, N.J. due to be delivered in 2013 by developer JG Petrucci Co., has received $41.2 million in construction financing and joint venture equity.
The financing was arranged by HFF senior managing director Jon Mikula and managing director Michael Nachamkin. The equity portion comes from JP Morgan Asset Management-advised institutional investors. M&T Bank, meanwhile, provided the construction loan.
Mr. Mikula, reached by email, told The Mortgage Observer that he’s seeing “a ton” on industrial deals coming to the market these days. “Behind multifamily, industrial is very hot in our market right now,” he added.
Asked what the breakdown is between the construction loan and JV equity portion of the $41.2 million package of financing he declined to comment, citing confidentiality reasons.
When completed, the center will have 108 loading doors, 140 foot truck courts as well as space to park a total of 149 trailers. It’s currently under construction and is being designed to LEED certifications.