Cushman & Wakefield has arranged $103 million in construction financing for an industrial park planned for Logan Township, the real estate firm announced this week.
Wells Fargo and Provident Bank made the loans to developers Advance Realty Investors and Greek Development for Buildings H and E at Logan North Industrial Park, a planned 3.2 million-square-foot Class A industrial site.
“It is a true testament to Wells Fargo and Provident Bank in understanding the vision and value proposition of Logan North in our uncertain economic environment,” Alexander Cocoziello, Advance’s managing director of capital markets, said in a prepared statement. “Our team could not be more pleased with the execution of Cushman & Wakefield and the broader sponsor team in these two deals.”
Cushman & Wakefield’s Equity, Debt & Structured Finance team of John Alascio, Sri Vankayala, Chuck Kohaut, TJ Sullivan and Maya Steinberger represented the borrower in the deal.
“With these two assets preleased, encompassing the first 1.3 million square feet of Logan North, our partnership is currently constructing phase two of the development to meet continued demand in southern New Jersey,” David Greek, Greek Development’s director of acquisitions, said in a statement.
Building H, the first of 10 planned sites at Logan North, is 100% preleased to Target, which will use the site as a flow center. It received a $69 million construction loan from Wells Fargo.
Building E, which will be built next, is a cold-storage facility that is preleased to Lineage Logistics. It received a $34.5 million construction loan from Provident.
