Cushman & Wakefield announced Friday it has arranged about $51.5 million in financing for Bergen Shippers Corp. to help it refinance two mortgages and establish a credit line for the company’s 730,000-square-foot Bergen Logistics warehouse properties in North Bergen.
The properties, which are located at 5903 and 7300 Westside Ave., are comprised of a four-story, 600,000-square-foot industrial warehouse and a single-story, 130,000-square-foot industrial warehouse, respectively.
Cushman & Wakefield’s Equity, Debt & Structured Finance group arranged the deal with JPMorgan Chase, it said, to enable Bergen Shippers to use a $44 million senior mortgage to refinance current debt and construct a new logistics warehouse on a portion of the parking lot at 5903 Westside. The financing also includes a $7.5 million credit line.
John Alascio, Mark Ehlinger and TJ Sullivan of Cushman & Wakefield served as the advisors for Bergen Shippers, supported by Bonni Heller, industrial leasing specialist.
“We were able to leverage the tremendously strong debt capital markets environment for high-quality New Jersey industrial product proximate to New York City to create a compelling and competitive market,” Alascio said. “Multiple groups offered to replace all of our client’s outstanding debt and become its new banking partner/mortgage lender. Ultimately, we negotiated this all-encompassing financing at highly attractive terms.”