Bank OZK Supplies $93M Construction Loan for NJ Industrial Park
Matrix Development Group is building the two-property Matrix Logistics Park complex
By Brian Pascus May 21, 2024 4:53 pm
reprints
Matrix Development Group has secured $93 million in construction financing to build Matrix Logistics Park – Mount Olive, a new Class A industrial park spanning more than 781,000 square feet currently under construction in Mount Olive, N.J.,
Bank OZK (OZK), a national leader in construction financing, provided the loan, while the JLL Capital Markets team of Thomas Didio, Jim Cadranell, Thomas E. Didio Jr., Michael Lachs and Olivia Doody arranged the transaction, the brokerage announced Tuesday..
“Bank OZK is pleased to provide construction financing for this large-scale Class A industrial development that will serve as a convenient, flexible and accessible distribution hub,” said Dave Sarner, managing director of originations at Bank OZK, in a statement.
JLL’s Didio spoke to Bank OZK’s willingness to finance a speculative industrial development.
“We continue to see very strong interest for to-be-built speculative industrial from a range of debt capital sources,” said Didio in a statement. “Ultimately, Bank OZK stepped up to the plate to deliver an attractive solution for Matrix and their development partner.”
Located at 2000 International Drive and 3000 Continental Drive, respectively, the two-building Matrix Logistics Park features properties with a combined 141 loading doors and 185 trailer parking spaces. All told there are 416 parking spaces across both properties.
The property at 2000 International Drive sits on 13.6 acres and totals 196,748 square feet, while the property at 3000 Continental Drive totals 585,000 square feet. The industrial site sits only 45 minutes west of Manhattan and has easy access to Interstate 80, a freeway that serves as an artery connecting New York, New Jersey, Pennsylvania, and New England.
Brian Pascus can be reached at bpascus@commercialobserver.com
