500 West Main St. in Wyckoff — Courtesy: The STRO Cos.
By Joshua Burd
The STRO Cos. has secured a $39 million loan to refinance an eight-building, 395,000-square-foot industrial portfolio in northern and central New Jersey.
In a news release, the commercial real estate firm said Signature Bank is providing the financing for a collection of properties that spans Woodbridge, Moonachie, Clifton, Woodland Park, Wyckoff and Roselle. The facilities serve as strategic distribution points for their tenants, STRO said, citing their connectivity to New York City and Port Newark-Elizabeth.
“We are pleased to continue and to grow our relationship with Signature Bank,” said Jack Shulman, STRO’s director of acquisitions and capital markets. “Zachary Bermudez and his team were a pleasure to work with and we look forward to doing more business with them in the future.”
The transaction comes as STRO, which serves as a Millstein family office, continues to seek new industrial acquisitions in northern New Jersey and the Southeastern U.S., the firm said. Signature Bank said it was eager to work with owners in the booming asset class.
“STRO has built a solid foundation of these assets, resulting in its leadership position,” said Bermudez, a group director and senior vice president for the bank’s commercial real estate lending group. “Signature Bank, through our experienced CRE Group, has maintained its commitment to serve borrowers like STRO within this important arena.”