The Linden Logistics Center in Linden — Courtesy: Advance Realty Investors/Greek Development
By Joshua Burd
Advance Realty Investors and Greek Development have closed on more than $227 million in financing for their ongoing high-profile industrial developments in Linden and Logan Township.
The loans, which are both being provided by Wells Fargo, include $142 million in financing for phase three of the firms’ Linden Logistics Center development off Tremley Point Road and just east of the New Jersey Turnpike. The debt will support buildings 100 and 200, which total 332,635 and 516,600 square feet, respectively, with completion slated for spring 2023.
Currently under construction at the site are buildings 300, 400 and 700, which make up the second phase of the 4 million-square-foot project and are on track to be delivered at the end of 2022. CBRE’s Tom Monahan, Larry Schiffenhaus and Stephen D’Amato make up the project’s leasing brokers.
The second loan totals $85 million and will support the third phase of the 3.2 million-square-foot Logan North Industrial Park. Slated for delivery in Q2 of 2023, the newest phase includes buildings of 274,200 and 475,000 square feet, where Nate Demetsky, Dean Torosian and Matt Kemery of JLL are representing Greek and Advance as the leasing team.
“We are excited to close these loans, thanks to our longstanding relationship with Advance, even in this volatile capital markets environment — validating the strength of sponsorship and the properties we are developing,” said David Greek, managing partner of Greek Development. “The success we’ve had in leasing Linden and Logan thus far speaks volumes about the pace of demand for strategically located warehouses in New Jersey and the ability for us to deliver true economic value to our strategic partners and the communities we build in.”
Cushman & Wakefield’s John Alascio, TJ Sullivan and Chuck Kohaut sourced the loan for the Logan Township project.
“We’re grateful and humbled to have longstanding relationships with great partners across the brokerage, lending and equity capital markets space,” said Alexander Cocoziello, principal and managing director at Advance Realty Investors. “They have continually stepped up and executed when called upon and our development partnership looks forward to more opportunities to grow together in the future.”
C&W: Developers ink $235 million permanent loan for Linden logistics campus