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FINANCE
NORTHWIND GROUP provided a $70 million construction loan to GN
Management, the developer of a
new 209-unit apartment tower at 622 Summit Ave. in Jersey City. Mohammad Hadla of Signature Capital Associates arranged the first mortgage loan.
PROVIDENT BANK originated a $32 million construction loan for a 150-unit, two-building multifamily development on River Drive in Elmwood Park,
while Hickory CRE Lending provided $17 million in preferred equity. JLL’s Thomas E. Didio Jr. and John Cumming sourced the debt and equity.
A life insurance company provided
a $7 million loan to refinance a 38,347-square-foot shopping center in Union Township. Wesley Wilcox and David Fryer of G.S. Wilcox & Co. sourced the transaction on behalf
of a private client, with loan terms including a five-year fixed rate and 30-year amortization with flexible prepayment. RE
TM 13
DEUGEN SELLS NEW MEADOWLANDS WAREHOUSE
Deugen Development has sold a nearly 48,000-square- foot industrial building in East
Rutherford, in the culmination of a redevelopment plan that began less than three years ago.
The buyer, Sagard Real Estate, paid an undisclosed price for the newly built property at 85 Herman St., where Deugen completed environmental remediation of
a former manufacturing site
ahead of ground-up construction. That paved the way for a lease with Restaurant Technologies,
a provider of cooking oil management and back-of-house cleaning solutions, whose new location is just over a mile from Route 17 and minutes from Route 3 and the New Jersey Turnpike.
“As builder and developer, Deugen’s vertically integrated team was able to secure approvals, construct
and stabilize this property in less than two and a half years, which
is nothing short of a miracle,” said Eric Gormeley, CEO of Hoboken- based Deugen. “I am proud to deliver this Class A property to the Meadowlands. We believe these smaller infill projects will continue to be an area of strength for Deugen given the high barriers to entry, scarcity of remaining developable sites and larger institutions often focusing their resources on projects of greater scale.”
According to Deugen, Murphy Schiller & Wilkes LLP provided land use and transactional services, while Procida Funding’s 100 Mile Fund provided the construction debt. Avison Young’s Timothy Cadigan,
Matthew Turse, John Gianis and Judy Troiano of the firm’s Morristown office brokered the lease, with Chas Simcox and Mark Evenson of AY’s Minneapolis team representing Restaurant Technologies.
CBRE’s Kevin Dudley, Kate Granahan, Elli Klapper and Brian
Fiumara represented Sagard Real Estate, an institutional investor, in its purchase.
“MSW is proud to have played
a role in this amazing project,”
said Kellen Murphy, MSW’s managing partner. “Our team was involved at every stage, including securing land use approvals and representing Deugen in connection with the property acquisition, construction financing, lease negotiations and the sale of the property. Our firm truly values
our relationship with Deugen Development and wishes them and everyone involved in this transaction continued success.”
85 Herman St. in East Rutherford
Courtesy: Deugen Development
Established 1992