Passaic Logistics Center at 122 8th St. in Passaic — Courtesy: JLL
By Joshua Burd
The developers of nearly 296,000 square feet of new industrial space in Passaic have secured a $65.4 million bridge loan for the project, brokers with JLL announced Monday.
According to a news release, TPG Real Estate Credit provided the financing to the joint venture of PCCP LLC and Stonemont Financial Group in connection with the project at 122 8th St. The deal follows the completion late last year of the 295,506-square-foot Passaic Logistics Center, which boasts a location just seven miles from the New Jersey Turnpike and 12 miles from Manhattan, allowing a single tenant or multiple users to provide same-day or next-day delivery services throughout northern New Jersey, New York City and Long Island.
JLL represented the borrower, noting that the facility has 40-foot clear heights, 40 dock-high doors, 55 trailer stalls, 167 car parking spaces and a 130-foot truck court. It also sits on a 17.7-acre site less than a mile from Route 21.
