An $18.6 million loan has been arranged through Valley National Bank for the newly delivered 124,000 square-foot, state-of-the-art industrial facility at 101 Seventh Street (also known as 1 Lodi Street) in Passaic, according to a Tuesday announcement from CBRE’s Capital Markets’ Debt & Structured Finance team.
CBRE’s New York based Debt & Structured Finance team of Jason Gaccione, Shawn Rosenthal and Jake Salkovitz facilitated the financing on behalf of the building owner, 101 Seventh Street Urban Renewal LLC.
“Our team is pleased to have secured a financing option that meets the needs of our client, one of the Northeast’s oldest and most respected recycling companies,” Gaccione said. “Our successful collaboration with Valley National Bank to secure favorable terms enables ownership to continue expanding their operations across the region.
With nearly a century of experience, the principals of 101 Seventh Street Urban Renewal LLC currently operate an industry-leading recycling and processing center at this property. The facility is among the nation’s most advanced for dual and single-stream processing of residential and commercial recyclables (aluminum, glass, paper, and plastic).
Situated in the Route 46/23/3 Interchange industrial submarket, the facility is in close proximity to Routes 21, 46 and 3, providing easy access to Interstates 80, 280, 78 and 95.
