Morristown-based G.S. Wilcox & Co. said it recently completed $19.97 million in construction financing for a warehouse building to be built on spec in East Brunswick. The non-recourse financing was secured by Bridget Wilcox, partner, and Al Raymond, principal, from a regional bank on a three-year term with extension options.
The proceeds will be used to construct a one-story speculative industrial building comprising 146,570 rentable square feet with 36-foot clear ceiling height, 18 loading docks, 15 trailer and 91 car parking spaces. The site is located within five miles of the New Jersey Turnpike and roughly 30 miles from the Port of New York and New Jersey. It is optimally located within the Exit 9 submarket, which has grown into one of the most active markets in the state.
“Despite the pullback from lenders, we remain active in procuring construction financing for top sponsors,” Wilcox said in a prepared statement.
