By Joshua Burd
New York Life Real Estate Investors has completed a $65 million loan to the developer of a nearly 420,000-square-foot industrial building in Kearny.
The lender, a unit of New York Life Insurance Co., announced Thursday that it was providing the mortgage to Seagis Property Group for its new project at 40 Central Ave. Located in South Kearny, the 415,533-square-foot distribution center is fully leased to an unidentified tenant, although market reports have named Amazon as the occupier.
“We are pleased to originate this loan with Seagis Property Group, an experienced industrial manager and developer,” said Keith Duane, director in New York Life Estate Investors’ Northeast regional office. “The transaction benefits from strong credit tenancy and an in-fill, last-mile location within the New York metro industrial market.”
The lender noted that the building features a 40-foot ceiling height and 88 overhead doors, NYL said. Its location provides it with quick access to Port Newark-Elizabeth and the densely populated New York and northern New Jersey markets.
