PCCP Provides $53M Construction Loan on 15-Acre New Jersey Industrial Site
Lincoln Equities plans to redevelop the site and build a 204,407-SF logistics and warehouse space
By Brian Pascus April 4, 2024 10:32 am
reprints
Lincoln Equities Group has secured a $53.5 million construction loan to build a logistics facility on a 15-acre industrial site in Belleville, N.J., Commercial Observer has learned.
PCCP provided the financing, while Cushman & Wakefield’s John Alascio, Chuck Kohaut, TJ Sullivan and Jason Blankfein represented the sponsor in the deal.
The site now features a collection of small one-story buildings. Lincoln Equities plans to redevelop the site and build a 204,407-square-foot logistics and warehouse space spread over two large buildings. Located beside Route 21 and the Passaic River at 681 Main Street, the new property will feature 33 loading docks, four drive-in doors, 160 parking slots, 43 trailer parking spots and 36-foot clear heights.
Situated within the Meadowlands marketplace and near New York City, the site offers easy access to Interstates 95, 280 and 80 and Routes 21, 3 and 17.
Cushman & Wakefield’s Alascio noted that the site will offer users and tenants access to roughly 60 million consumers for logistics and distribution businesses within a five-hour drive of the site.
“Coupled with its proximity to the Port of New York and New Jersey, the largest port on the East Coast and second-largest port in the nation, this project was very compelling to lenders,” Alascio said in a statement. “We are excited to have the opportunity to represent this sponsor.”
Brian Pascus can be reached at bpascus@commercialobserver.com
