By Joshua Burd
A developer has obtained a nearly $20 million construction loan for a roughly 147,000-square-foot industrial building in East Brunswick, in a deal arranged by G.S. Wilcox & Co.
The Morristown-based mortgage banker said a regional lender is providing the nonrecourse financing on a three-year term with extension options. Partner Bridget Wilcox and Principal Al Raymond sourced the $19.97 million loan to the borrower, which is building the 146,570-square-foot, speculative facility in an undisclosed location.
Plans for the building call for 36-foot clear ceiling heights, 18 loading docks and parking for 15 trailers and 91 cars, G.S. Wilcox said. The site is within five miles of the New Jersey Turnpike, part of the fast-growing Exit 9 submarket, and roughly 30 miles from Port Newark-Elizabeth.
“Despite the pullback from lenders, we remain active in procuring construction financing for top sponsors,” Wilcox said.