Wells Fargo Lends $227M on New Jersey Industrial Projects
A joint venture between Advance Realty Investors and Greek Development has landed a $227 million debt package to develop two industrial projects in New Jersey, the partnership announced early Tuesday.
Wells Fargo provided a $142 million loan for the second phase of the JV’s 1.32 million-square-foot Linden Logistics Center project in Linden, N.J. The sponsors also nabbed an $85 million loan from Wells Fargo for the third phase of Logan North Industrial Park in Logan Township, N.J., which is slated to total 3.2 million square feet.
Cushman & Wakefield’s John Alascio, T.J. Sullivan and Chuck Kohaut arranged the transaction.
“We are excited to close these loans, thanks to our longstanding relationship with Advance, even in this volatile capital markets environment,” David Greek, managing partner of Greek Development, said in a statement. “The success we’ve had in leasing Linden and Logan thus far speaks volumes about the pace of demand for strategically located warehouses in New Jersey and the ability for us to deliver true economic value to our strategic partners and the communities we build in.”
Located at Linden Logistics Way, Linden Logistics Center is scheduled for completion in the second quarter of 2023 with phase II expected to be delivered by the end of this year. CBRE’s Tom Monahan, Larry Schiffenhaus and Stephen D’Amato are the current leasing brokers for the project.
The partnership’s third phase of Logan North Industrial Park, located at 700 Crossroads Boulevard, is set to have the third phase completed in the third quarter of 2023. JLL’s Nate Demetsky, Dean Torosian and Matt Kemery handle leasing for the park.
“We’re grateful and humbled to have long standing relationships with great partners across the brokerage, lending, and equity capital markets space,” Alexander Cocoziello, principal and managing director at Advance Realty Investors, said in a statement. “They have continually stepped up and executed when called upon and our development partnership looks forward to more opportunities to grow together in the future.”
Officials for Wells Fargo did not immediately return a request for comment.
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