Elberon lands $11 million loan for 223,000 sq. ft. Elizabeth warehouse, Wilcox says
By Joshua Burd
Elberon Development Group has closed on $11 million in financing for a 223,000-square-foot warehouse in Elizabeth, in a deal arranged by G.S. Wilcox & Co.
In a news release, the mortgage banking firm said it sourced the loan with a 10-year term and 25-year amortization at what it described as a very competitive rate. An undisclosed life insurance company, one of G.S. Wilcox’s correspondent lenders, provided the debt for the logistics property directly south of Newark Liberty International Airport and near New Jersey Turnpike Exit 13A.
G.S. Wilcox Partner Wesley Wilcox and Principal Albert Raymond represented Elberon in the deal, adding that the building is roughly four miles from Port Newark-Elizabeth.
“In this changing rate environment, we are proud to have secured such favorable terms for our client,” Wilcox said in a prepared statement. “It was a pleasure working with both the borrower and lender teams to get the deal across the finish line.”
