By Joshua Burd
A developer has secured $30.5 million in financing for a 152,000-square-foot industrial building in Middlesex County, according to a debt placement team with G.S. Wilcox & Co.
In a news release, the mortgage banking firm said it sourced the loan on behalf of an undisclosed client, whose project will have 36-foot clear ceiling heights, 22 dock doors and abundant trailer and car parking. The site will also provide tenants with proximity to Route 9, giving them quick access to Interstate 287 and the New Jersey Turnpike, while users will be 20 miles from Port Newark-Elizabeth.
G.S. Wilcox Partner Bridget Wilcox and Principal Albert Raymond arranged the financing with a West Coast-based bank.
“G.S. Wilcox & Co. is pleased to deliver competitive financing on behalf of this repeat client,” Wilcox said in a prepared statement. “Despite the pullback in construction lending, viable financing remains available for top sponsors.”
