Newmark on Tuesday said it arranged a $135 million loan on behalf of Related Fund Management, Onyx Equities and Russo Development to fund the construction of High Point on 10, a Class A build-to-suit cold storage and industrial development facility in East Hanover which the JV broke ground on last month.
Newmark’s Jordan Roeschlaub, Jonathan Firestone and Nick Scribani secured the financing on their behalf from Ares Commercial Real Estate Management.
High Point on 10 will offer approximately 584,000 square feet of cold storage and industrial space, ideally located on a premier infill site with immediate access to the entire New York City metro area and more than 13.5 million people within a 30-mile radius.
RealCold will lease the 380,000-square-foot cold storage component of the facility.
“This financing package will enable the continued expansion and success of RealCold’s platform across the United States,” Roeschlaub said. “We’re thrilled to have arranged this financing on behalf of Related Fund Management and its partners.”
RealCold has grown to be the 10th largest cold storage operator, with a portfolio spanning approximately 1.6 million square feet and nearly 180,000 pallet positions. Upon completion of High Point on 10, RealCold will be capable of servicing 48% of the U.S. population within one day and 97% within two days.
