Cushman & Wakefield served as the exclusive adviser to Lincoln Equities Group and the Carlyle Group in the procurement of $17 million in predevelopment financing for a 15.3-acre industrial site located in Belleville, according to a Monday announcement from the broker. The loan was provided by ConnectOne Bank.
Located at 681 Main St., the partnership plans to demolish the existing structures on the site and finalize their approvals to build two Class A industrial warehouses totaling approximately 204,550 square feet. Situated along Route 21 in Belleville, the property is positioned in one of the most affluent consumer markets in the country, offering exceptional last-mile connectivity via Interstates 95, 280 and 80; Routes 21, 3 and 17; and the Garden State Parkway.
Cushman & Wakefield’s John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein represented the borrowers in the transaction.
“681 Main St.’s exceptional last-mile location within the white-hot Meadowlands industrial market was highly compelling to lenders,” Alascio said. “We’re grateful for the opportunity to represent this partnership on such an exciting project.”
“Despite unprecedented market volatility, ConnectOne Bank remained steadfast and provided market-leading financing terms, resulting in a strong new lending relationship and an exceptional outcome for our client,” Kohaut added.