NJ Logistics Properties Land $52M Financing
- Mar 05, 2019
Bergen Shippers Corp. has received a total of $51.5 million in financing for its Westside Avenue warehouses in North Bergen, N.J. JPMorgan Chase provided a $44 million senior mortgage and a $7.5 million line of credit, which will be used to refinance two prior debts and the acquisition of new equipment. The owner also plans to build a new logistics warehouse on the site of the property’s parking lot.
The largest structure, located at 5903 Westside Ave., encompasses 600,000 square feet and was completed in 1987 for fashion designer Liz Claiborne. Bergen Logistics, a subsidiary of the owner, has been using the building as a fashion logistics center for more than 20 years. The other development is the single-story, 130,000-square-foot 7300 Westside Ave., also owned, managed and occupied by Bergen Logistics.
A Cushman & Wakefield Equity, Debt & Structured Finance team comprising John Alascio, Mark Ehlinger and TJ Sullivan served as exclusive advisors for Bergen Shippers Corp. alongside industrial leasing specialist Bonni Heller. Last month, the brokerage company facilitated financing for the acquisition of an industrial portfolio in Somerset County, N.J.
“We were able to leverage the tremendously strong debt capital markets environment for high-quality New Jersey industrial product proximate to New York City to create a compelling and competitive market,” Alascio said in a prepared statement.
Image courtesy of Cushman & Wakefield