Cushman & Wakefield announced it served as the exclusive adviser to institutional investors advised by J.P. Morgan Asset Management in the procurement of $66,000,000 for the refinancing of its Greater Meadowlands Industrial Portfolio. The loan was provided by Deutsche Pfandbriefbank.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Steven Kohn, John Alascio, Sridhar Vankayala, Chuck Kohaut, TJ Sullivan and Maya Steinberger represented the borrower.
“Notwithstanding the volatile lending market this past spring, the combination of property type, location, tenancy and strong sponsorship resulted in a highly-competitive capital markets execution,” said Kohn.
The portfolio is made up of six industrial properties totaling 591,349 s/f in Carlstadt, Lyndhurst and Union. Located at 320 Veterans Boulevard, 325 Gotham Parkway, 425 Gotham Parkway, 599 Gotham Parkway, 300 Chubb Avenue and Bridgepoint Port West, the properties are currently 100 percent NNN leased to seven tenants.
“New Jersey’s industrial market continues to be highly sought-after by lenders, particularly for top tier sponsors,” added Vankayala. “Our team ran a robust marketing process highlighting these strengths and drove multiple attractive offers.”
Primarily located in the heart of the Meadowlands, the portfolio benefits from exceptional accessibility, minutes from Midtown Manhattan, the George Washington Bridge, Lincoln Tunnel, Holland Tunnel, NJ Turnpike and Route 3.