By Joshua Burd
Camber Real Estate Partners has landed a $72 million loan for its acquisition of more than 730,000 square feet of industrial space in southern New Jersey and Pennsylvania.
According to Cushman & Wakefield, which sourced the financing, the portfolio spans 13 buildings in West Deptford and the Philadelphia suburb of Aston. Natixis provided the three-year loan in connection with Camber’s purchase of the buildings, which total 733,899 square feet.
“The portfolio’s strong in-place cash flow with upside, exceptional regional accessibility and experienced institutional sponsorship drove a highly competitive capital markets execution,” C&W’s John Alascio said. “We’re grateful for the opportunity to represent Camber on another exciting industrial acquisition.”
Alascio arranged the debt alongside Chuck Kohaut, TJ Sullivan and John Spreitzer, representing the borrower. They noted that the buildings are minutes from interstates 95 and 295, providing regional connectivity and access to deep labor pools throughout New Jersey and Eastern Pennsylvania.
“This transaction is highly correlated with our acquisition criteria of quality real estate in infill path-of-growth locations where we can leverage our platform to add-value,” said Christopher M. Bellapianta, a managing principal of Montclair-based Camber.
C&W added that the portfolio is 95 percent leased to a diverse tenant base.
“Lenders were highly attracted to the location and functionality of the assets,” Kohaut said. “Natixis provided compelling loan terms that will allow Camber to successfully execute on their thoughtful business plan.”