Northwestern Mutual Lends $235M on New Jersey Logistics Property
By Andrew Coen December 10, 2021 10:18 am
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Advance Realty Investors and Greek Development have landed a $235 million debt package to refinance a New Jersey industrial asset, Commercial Observer can first report.
Northwestern Mutual supplied the 10-year, fixed-rate loan for the joint venture’s Buildings E and G at Linden Logistics Center in Linden, N.J. Cushman & Wakefield (CWK) arranged the transaction with a debt and structured finance team led by John Alascio, Chuck Kohaut, TJ Sullivan, John Spreitzer, Sebastian Sanchez and Zachary Smolev.
“This is the culmination of the first of several phases in our development program,” Advance Realty Investors CEO Peter Cocoziello said in a statement. “Currently we’re under construction with the second phase encompassing another 1.6 million square feet in three separate buildings and look forward to delivering this phase in the third quarter of 2022.”
Located at 600 Linden Logistics Way, the three buildings span 480,844 and 840,203 square feet, respectively. The two facilities are 100 percent leased to World Distribution Services and Peloton Interactive and total more than 1.3 million square feet.
“Linden Logistics Center is one of the most impressive industrial developments to be undertaken in New Jersey in recent history,” Alascio said in a statement. “The quality of sponsorship and tenancy led to an extremely competitive financing process and we are thrilled with the outcome for this dynamic partnership.”
Officials for Northwestern Mutual did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
