Bridge Point Piscataway at 10 Constitution Ave. in Piscataway — Courtesy: JLL
By Joshua Burd
Bridge Industrial has secured $27.1 million in bridge financing for a nearly 148,000-square-foot warehouse in Piscataway, in a newly announced deal by JLL.
According to a news release, PPM America Inc. provided the loan in connection with the recently completed facility at 10 Constitution Ave. The transaction comes as leasing continues at the 147,620-square-foot property, known as Bridge Point Piscataway, where the developer is offering 36-foot clear ceiling heights, 41 dock-high doors and two drive-in doors designed for high-volume logistics operations.
JLL senior managing directors Michael Klein and Jon Mikula, along with Analyst Kevin Badger, sourced the debt on Bridge Industrial’s behalf.
“Despite a prolonged lease up period, Bridge Point Piscataway’s superior design specifications and strategic location along the Interstate 287 corridor created an attractive financing opportunity,” Klein said.
The firm added the warehouse can support large-scale distribution activities with 118 car parking spaces and 57 trailer stalls on a 12.84-acre site that is less than a mile from I-287, five miles from the New Jersey Turnpike, 17 miles from Port Newark-Elizabeth and 26 miles from New York City. The building, which is within a day’s drive of more than half of the U.S. population, also has 3,000 square feet of office space and can accommodate single or multitenant configurations.
“There is a strong appetite on behalf of lenders to provide financing for quality industrial projects that require more time to achieve full stabilization,” Mikula said.
