CIBC Provides $29M Construction Loan for New Jersey Industrial Facility
Bridge Point South Plainfield II is a 167,000 square-foot distribution complex directly off Interstate 287
By Brian Pascus April 30, 2024 11:57 am
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Developer Bridge Industrial has secured $28.5 million in construction financing to build Bridge Point South Plainfield II, a 167,000 square-foot, Class-A warehouse and distribution complex directly off Interstate 287 in South Plainfield, N.J.
Canadian Imperial Bank of Commerce [CIBC] provided the financing, while a JLL Capital Markets team of Jon Mikula, Michael Klein, and Michael Sachs arranged the loan on behalf of the sponsor.
JLL’s Klein said in a statement that his brokerage team was happy to once again work with Bridge Industrial on a speculative industrial development.
“There is still ample liquidity in the lending market for well-located development projects by premiere sponsors,” he said.
Located at 1 Cragwood Road, Bridge Point South Plainfield II is the sister project to Bridge Point South Plainfield I, a 189,000 square-foot, Class-A industrial facility in the same area. That project was built in 2022 and financed through a $25 million construction loan arranged by JLL Capital Markets from Simmons Bank. The 14-acre site of Bridge Point South Plainfield II is presently an office building scheduled for demolition.
Bridge Point South Plainfield II is expected to feature 36-foot clear heights, 26 dock-height doors, and two drive-in doors. The building’s location adjacent to Interstate 287 provides easy access to the New Jersey Turnpike, Newark International Airport, and the ports of New York City and northern New Jersey.
Bridge Industrial did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
