By Joshua Burd
The owner of a refrigerated warehouse in Jersey City has obtained a $5 million loan to refinance the property, CBRE Group announced Friday.
The brokerage firm said that its New Jersey Capital Markets Debt & Structured Finance team has arranged the financing on behalf of Summit Import Corp., a prominent distributor of Asian food imports on the East Coast. The loan for the 120,000-square-foot industrial property, located at 100 Summit Place, was obtained through Atlantic Stewardship Bank.
The CBRE team of James Gunning, Donna Falzarano and Stephen Joseph arranged the financing for Summit Import, a long-term client, according to a news release. The firm added that the bank is also offering supplemental funding for the construction of an addition to the property, which will be leased to a third party.
The warehouse sits immediately off of the New Jersey Turnpike, connecting it directly to regional thoroughfares such as interstates 78 and 287.