Wells Fargo Lends $227M on New Jersey Industrial Projects

A three way partnership between Advance Realty Traders and Greek Growth has landed a $227 million debt bundle to develop two industrial initiatives in New Jersey, the partnership introduced early Tuesday.

Wells Fargo offered a $142 million mortgage for the second part of the JV’s 1.32 million-square-foot Linden Logistics Heart challenge in Linden, N.J. The sponsors additionally nabbed an $85 million mortgage from Wells Fargo for the third part of Logan North Industrial Park in Logan Township, N.J., which is slated to complete 3.2 million sq. toes.

Cushman & Wakefield’s John Alascio, T.J. Sullivan and Chuck Kohaut organized the transaction.

“We’re excited to shut these loans, due to our longstanding relationship with Advance, even on this unstable capital markets setting,” David Greek, managing associate of Greek Growth, stated in a press release. “The success we’ve had in leasing Linden and Logan to date speaks volumes concerning the tempo of demand for strategically situated warehouses in New Jersey and the power for us to ship true financial worth to our strategic companions and the communities we construct in.” 

Positioned at Linden Logistics Method, Linden Logistics Heart is scheduled for completion within the second quarter of 2023 with part II anticipated to be delivered by the top of this yr. CBRE’s Tom Monahan, Larry Schiffenhaus and Stephen D’Amato are the present leasing brokers for the challenge. 

The partnership’s third part of Logan North Industrial Park, situated at 700 Crossroads Boulevard, is ready to have the third part accomplished within the third quarter of 2023. JLL’s Nate Demetsky, Dean Torosian and Matt Kemery deal with leasing for the park. 

 “We’re grateful and humbled to have lengthy standing relationships with nice companions throughout the brokerage, lending, and fairness capital markets area,” Alexander Cocoziello, principal and managing director at Advance Realty Traders, stated in a press release. “They’ve regularly stepped up and executed when referred to as upon and our growth partnership appears ahead to extra alternatives to develop collectively sooner or later.”

Officers for Wells Fargo didn’t instantly return a request for remark. 

Andrew Coen may be reached at acoen@commercialobserver.com.