7300 Westside Ave. in North Bergen — Courtesy: Cushman & Wakefield
By Joshua Burd
A logistics operator has landed $51.5 million to refinance two loans and expand beyond its 730,000-square-foot complex in North Bergen, in a deal arranged by Cushman & Wakefield.
The real estate services firm said it represented Bergen Shippers Corp. in securing the financing, which is tied to the company’s two warehouses at 5903 and 7300 Westside Ave. Provided by JPMorgan Chase, the proceeds include a $44 million senior mortgage to refinance current debt on the properties, with additional funds for equipment financing and the construction of a new logistics warehouse on a portion of the parking lot at 5903 Westside Ave.
The financing also includes a $7.5 million line of credit, according to a news release. The C&W equity, debt and structured finance team of John Alascio, Mark Ehlinger and TJ Sullivan represented Bergen Shippers, with support by industrial leasing specialist Bonni Heller.
“We were able to leverage the tremendously strong debt capital markets environment for high-quality New Jersey industrial product proximate to New York City to create a compelling and competitive market,” Alascio said. “Multiple groups offered to replace all of our client’s outstanding debt and become its new banking partner/mortgage lender.
“Ultimately, we negotiated this all-encompassing financing at highly attractive terms.”
The borrower is the owner-operator of Bergen Logistics, a fashion and lifestyle distribution firm for more than two decades. Originally built for Liz Claiborne in 1987, 5903 Westside Ave. is a four-story, 600,000-square-foot warehouse that serves as a fashion logistics center, while 7300 Westside Ave. is a single-story, 130,000-square-foot industrial warehouse also owned and operated by Bergen Logistics.
