Institutional investors advised by J.P. Morgan Asset Management have refinanced a six-building, 591,349-square-foot industrial portfolio in Carlstadt, Lyndhurst and Union for $66 million. — Courtesy: Cushman & Wakefield
By Joshua Burd
An investment group has refinanced a six-building industrial portfolio in Bergen and Union counties for $66 million, in a newly completed transaction by Cushman & Wakefield.
Brokers with the firm represented the borrowers, institutional investors advised by J.P. Morgan Asset Management, in sourcing the loan for the 591,349-square-foot portfolio in Carlstadt, Lyndhurst and Union. Deutsche Pfandbriefbank is providing the loan, C&W said, noting that the properties are triple-net-leased to seven tenants.
“Notwithstanding the volatile lending market this past spring, the combination of property type, location, tenancy and strong sponsorship resulted in a highly-competitive capital markets execution,” said Steven Kohn of C&W’s equity, debt and structured finance team, who completed the assignment alongside John Alascio, Sridhar Vankayala, Chuck Kohaut, TJ Sullivan and Maya Steinberger.
The properties include 320 Veterans Blvd. and 325, 425 and 599 Gotham Pkwy. in Carlstadt, along with 300 Chubb Ave. in Lyndhurst and 750 Union Ave. in Union. For five of the six buildings, C&W touted their location in the heart of the Meadowlands, which provides quick access to Manhattan and North Jersey’s major highways.
“New Jersey’s industrial market continues to be highly sought-after by lenders, particularly for top-tier sponsors,” Vankayala said. “Our team ran a robust marketing process highlighting these strengths and drove multiple attractive offers.”