By Tina Traster
Cushman & Wakefield advised Stalwart Equities in securing nearly $43 million in acquisition financing for Logan Township Industrial Park, a 171.3-acre site in Logan Township.
According to the brokerage firm, SKW Funding provided the $42.75 million bridge loan. C&W’s Equity, Debt and Structured Finance team of John Alascio, Chuck Kohaut, TJ Sullivan and John Spreitzer represented the borrower.
“Logan Township Industrial Park is ideally positioned in the southern New Jersey industrial market that has really taken off over the past few years,” Alascio said. “Combined with best-in-class sponsorship, the property drew significant lender interest that helped us to achieve highly competitive financing terms for this exciting acquisition.”
The more than 1 million-buildable-square-foot site is zoned for industrial as of right and is anticipated to be fully entitled for development in 12 to 18 months, C&W said. Upon completion, the property will have two Class A distribution facilities, each equipped with cross-docking capability, trailer and car parking spaces and 40-foot clear ceiling heights.
“Stalwart Equities has an impressive and growing industrial pipeline across the tristate region,” Sullivan said. “SKW offered market-leading financing terms that were compelling for Stalwart, resulting in a strong new lending relationship and fantastic outcome for our client.”
Located on Route 130 and minutes from Interstate 295 and the New Jersey Turnpike, the asset provides direct access to the surrounding New Jersey and Philadelphia areas.
“We are excited to continue to grow our platform and build new relationships,” said Danny Wrublin, principal of SKW Funding.