Cushman & Wakefield has arranged $41 million in acquisition financing for an industrial portfolio in central New Jersey, it announced Tuesday.
C&W set up the financing for Ivy Realty’s purchase of seven properties totaling 768,244 square feet in Warren and Somerset. BBVA Compass provided the financing, which covered both the acquisition and future renovation and leasing-related costs.
The portfolio includes three industrial buildings, two flex/lab buildings and two office buildings spread over two “pods.”
A C&W Equity, Debt and Structured Finance team of John Alascio, Sridhar Vankayala and Zachary Kraft represented Ivy in the deal.
“This transaction represented a compelling financing opportunity for lenders, given the sponsorship and value-add profile,” Alascio said in a prepared statement. “We received strong lender feedback, but eventually chose BBVA, as they demonstrated a clear understanding of the opportunity and business plan. They provided attractive terms that were flexible to match with the sponsor’s future needs.”