Wells Fargo has funded a $227 million loan for sponsors Advance Realty Investors and Greek Development for a series of industrial development projects in New Jersey.
The financing package was split into two parts for Advance Realty and Greek Development, based, respectively, in Bedminster and East Brunswick, New Jersey.
A $142 million loan will be used for the phase three of the partners’ 1.32 million-square-foot Linden Logistics Center development in Linden. The project is expected to be completed in Q2 2023. Phase two, which is currently under construction, is expected to be delivered by the end of 2022.
Another $85 million loan will be used for the third phase of Logan North Industrial Park, a 3.2 million-square-foot industrial project in Logan Township. Phase three is set to be delivered in Q2 2023.
Both loans were sourced by John Alascio, TJ Sullivan, and Chuck Kohaut of Cushman & Wakefield’s debt team.
David Greek, managing partner of Greek Development, said that even amid volatile capital markets environment, these deals validate the strength of sponsorship and properties that the partnership are developing.
“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,” Greek said.
Alexander Cocoziello, principal and managing director at Advance Realty Investors added that the partnership is looking forward to capturing more opportunities together in the future.