A rendering of Lincoln Equities Group’s planned 360,000-square-foot distribution center in Rutherford known as Highland Cross — Courtesy: Ford & Associates
By Joshua Burd
A global investment manager is providing a $115 million construction loan for Lincoln Equities Group’s recently announced, 360,000-square-foot industrial project in Rutherford.
According to Cushman & Wakefield, which arranged the transaction, the financing from PCCP LLC will support the development of the Highland Cross project at the nexus of routes 3 and 17. It is PCCP’s latest loan to the developer and in the booming New Jersey industrial sector.
C&W’s John Alascio, Chuck Kohaut, TJ Sullivan and Zachary Kraft represented LEG, which announced last week that Amazon would occupy the facility.
“Highland Cross presented lenders with a terrific opportunity to finance the construction of a state-of-the-art, fully preleased, Class A distribution center located in the heart of the white-hot Meadowlands industrial market,” Alascio said. “We experienced a tremendously competitive process and PCCP provided a seamless execution for our client at highly attractive terms.”
Highland Cross will be the culmination of a redevelopment effort dating back 20 years and among fewer than 20 existing properties in the Meadowlands offering clear ceiling heights of more than 36 feet, the developer said. The property will feature cross-docked loading, more than 70 dock-high doors and more than 80 trailer stalls.
Completion is slated for early 2022.
“We are thrilled to close another loan through Cushman & Wakefield and to further expand our relationship with the Lincoln Equities team,” said Ryan Dodge, senior vice president with PCCP. “This loan was an exciting opportunity to further invest in the northern New Jersey industrial market.”