The developers of Highland Cross, the 360,000-square-foot industrial facility in Rutherford that will be leased to Amazon, have secured $115 million construction financing, according to real estate firm Cushman & Wakefield.
Lincoln Equities Group, which is building the Class A property, received the loan from PCCP LLC. The C&W Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut, T.J. Sullivan and Zachary Kraft represented the borrower in the transaction.
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“Highland Cross presented lenders with a terrific opportunity to finance the construction of a state-of-the-art, fully pre-leased, Class A distribution center located in the heart of the white-hot Meadowlands industrial market,” Alascio said in a prepared statement. “We experienced a tremendously competitive process, and PCCP provided a seamless execution for our client at highly attractive terms.”
Added Ryan Dodge, senior vice president with PCCP: “We are thrilled to close another loan through Cushman & Wakefield, and to further expand our relationship with the Lincoln Equities team. This loan was an exciting opportunity to further invest in the northern New Jersey industrial market.”