244 Duke St. in Kearny — Courtesy: BEB Lending
By Joshua Burd
A tenant at an 87,000-square-foot industrial building in Kearny has acquired the property with the help of $5 million in financing from BEB Lending, a finance platform of BEB Capital.
According to the lender, the 18-month bridge loan supported the borrower’s purchase of 244 Duke St., a 2.44-acre parcel about a mile from Interstate 280. BEB Lending’s Sean Silverbrook represented the firm in-house, while Mark Brachfeld of Meridian Capital Group represented the borrower.
“BEB Lending provided financing to the current tenant who was looking to close on the acquisition of 244 Duke Street in 10 business days to meet 1031 exchange guidelines,” said Silverbrook, a vice president with the firm. “The BEB Lending platform, which provides quick and creative financing solutions for the commercial real estate community, was created for exactly this purpose and we’re excited to have the opportunity to offer this financing solution and for our second transaction in Kearny, which continues to be a strong industrial market.”