101 Seventh St. in Passaic — Courtesy: CBRE
By Joshua Burd
The owner of a new 124,000-square-foot recycling facility in Passaic has secured an $18.6 million loan for the property, brokers with CBRE announced Tuesday.
According to a news release, Valley Bank provided the financing in connection with the building at 101 Seventh St. The borrower, which is refinancing the property, uses the site to operate what CBRE described as an industry-leading recycling and processing center for dual- and single-stream processing of residential and commercial materials.
Jason Gaccione, Shawn Rosenthal and Jake Salkovitz of CBRE’s New York-based debt and structured finance team sourced the deal on behalf of the borrower, 101 Seventh Street Urban Renewal LLC.
“Our team is pleased to have secured a financing option that meets the needs of our client, one of the Northeast’s oldest and most respected recycling companies,” Gaccione said. “Our successful collaboration with Valley National Bank to secure favorable terms enables ownership to continue expanding their operations across the region.”
CBRE added that the facility, which is just south of Route 46, is minutes from routes 21 and 3, providing easy access to Interstate 80 and other highways.
