111 Moonachie Ave. in Moonachie — Courtesy: The Stro Cos.
By Joshua Burd
The Stro Cos. has secured $9.6 million to refinance industrial properties in Middlesex and Bergen counties, the Ridgewood-based owner announced Monday.
The larger of the two, 2 Amboy Ave. in Woodbridge, is a 65,000-square-foot property just east of Route 35, according to a news release. Signature Bank provided the financing for the building and for 111 Moonachie Ave., a 52,000-square-foot asset in Moonachie.
“We are thrilled to have consummated these two refinances with Signature Bank,” said Jack Shulman, Stro’s director of leasing, acquisitions and capital markets. “They have been a great bank to work with and were able to quickly execute on these two deals despite COVID-19. Certain banking institutions took a step back from lending when COVID-19 hit and only in the last six months has the ice thawed.
“Banks are eager to lend on multitenant industrial warehouses, particularly in northern New Jersey, where Stro’s portfolio is located.”
In announcing the deals, the firm noted that the Woodbridge property is minutes from the New Jersey Turnpike, Interstate 287 and several other area highways. The building has three tailgates, seven drive-ins and 16- to 30-foot ceiling heights.
Meantime, 111 Moonachie has three loading docks, one drive-in and 16-foot ceiling heights. The building provides quick access to the Turnpike, Interstate 80 and routes 17, 46 and 3.
“Special thank you to Signature Bank’s Joseph Fingerman and Nick Farley for making these two transactions seamless,” Shulman said. “We look forward to working with Signature on future financing needs and greatly appreciate having them as our capital partner.”
