By Joshua Burd
A developer has landed a $4.9 million loan in connection with a 6.7-acre industrial parcel off Interstate 287 in Edison, in a deal arranged by Cushman & Wakefield.
According to the debt placement team, Streamline Realty Funding provided the acquisition and predevelopment financing to Catalyst Development Partners. Cushman represented the borrower, noting that the site at 135 Whitman Ave. is zoned for light industrial and allows for the development of an 82,500-square-foot warehouse or parking or storage as an ancillary use.
“We are thrilled to arrange the successful financing for this exceptional site that offers unparalleled accessibility throughout New Jersey,” C&W’s John Alascio said. “The property’s location just off Interstate 287 coupled with a sponsor experienced in environmental remediation makes this site an invaluable asset.”
Alascio completed the assignment alongside the firm’s Chuck Kohaut, TJ Sullivan and Jason Blankfein. The firm added that the deal allows the property, located just off I-287 Exit 2, to return to the tax rolls and productive use after more than two decades sitting vacant due to environmental concerns.
Nearby users include FedEx, Costco and Walmart.
