S hopping C enters N ew J ersey /P ennsylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
www.marej.com
Advance Realty Investors, Greek Real Estate Ptrs. & PGIM Real Estate deliver 1.3M s/f industrial space CBRE announces that Fabuwood Cabinetry leases 197,072 s/f at 300 Linden Logistics Way
INDEN, NJ — CBRE announced that Fabu- wood Cabinetry leased 197,072 s/f at 300 Linden Logistics Way in the Linden Logistics Center industrial park. The Partnership of Ad- vance Realty Investors, Greek Real Estate Partners and PGIM Real Estate has delivered buildings 100, 200 and 300 Linden Logistics Way in Linden. CBRE serves as the leasing agent for the 4.1 million s/f master-planned industrial park. The CBRE team of Thomas L
Services, Vanguard Logistics, and Fabuwood Cabinetry. The 350-acre property is stra- tegically located in one of the most vibrant industrial areas in the U.S., serving dense population centers in near- by NYC, Philadelphia, and Northern and Central New Jersey. The property is stra- tegically situated alongside the New Jersey Turnpike/I-95 and boasts easy access to the Newark Liberty Interna- tional Airport and the Port Newark-Elizabeth Marine Terminal — one of the largest and busiest container terminals on the East Coast. “Linden Logistics Center is ideally positioned to ben- efit from New Jersey’s robust industrial market where de- mand continues to outpace supply, especially for high quality warehouse/distribu- tion space,” said Thomas Monahan, vice chairman. “The center enjoys stabile long-time ownership and of- fers an excellent in-house construction team, and flexible configurations to meet grow - ing demands of users.” MAREJ
100 Linden Logistics Way
200 Linden Logistics Way
OCTOBER 2023
HI-LIGHTS
SPOTLIGHT
300 Linden Logistics Way
Linden Logistics Center
Southern New Jersey
house complex currently oc- cupied by industry-leading tenants such as Samsung, Peloton, World Distribution
of the ownership. Linden Logistics Center is an eight-building, class A logistical/distribution ware-
Monahan, Larry Schiffen- haus, Stephen D’Amato, and Brian Golden spearhead the leasing campaign on behalf
5-11B
SCOPE Capital secures $16.055M financing for The Washington Apartments, backed by Trinity Realty Cos.
maximizing the LTV up to 80%. This is going to be a path for a lot of high levered projects that have begun or are entering the CO phase.” Located at 2224-50 German- town Ave., the triangular build sits at the intersection of N 7th St., Germantown Ave., and W Dauphin St. within the Kens- ington neighborhood. Leasing has commenced on the 72 one- and two-bedroom apartments with an average unit size of 881 s/f. “The Washington is a pivotal project in a transitional neigh- borhood that is experiencing an influx of development overflow from adjacent neighborhoods,” said Thom. “The addition of com- mercial space and draw of resi- dents will benefit the community as it bridges the Temple and Fishtown submarkets.” MAREJ
PHILADELPHIA, PA — SCOPE Capital Group, LLC announced the execution of $16.055 million in financing for The Washington Apart- ments, a mixed-use asset with 72 residential units over 16,500 s/f of ground floor commercial space. The loan was funded by a regional bank to Trinity Realty Cos . SCOPE Capital Group’s managing director Matthew Rosenberg negotiated the financing in collaboration with Craig Thom of SCOPE’s in - vestment sales group. The sponsor, Trinity Realty Companies, is a Philadelphia- based real estate development firm that focuses on multifamily and mixed-use projects in the Philadelphia metropolitan area. The bridge-to-HUD loan was provided by a regional balance
15B
Kennedy takes the reins as NAIOP NJ CEO
The Washington Apartments
Dan Kennedy
sheet lender and features three years interest-only, SOFR index. “Despite lender’s resistance to multifamily lease-up risk, we were able to arrange more aggressive terms than the ex- isting debt fund construction lender, and alternative bridge debt funds,” said Rosenberg.
“The 36-month interest-only period has no prepayment penalty which allows for pain- less conversion to a long-term 35-year fixed HUD product that requires property seasoning. The HUD loan will allow the borrower to minimize the debt service coverage ratio more than any traditional lender,
16B
ALSO INSIDE
www.marej.com SNJ Appraisal Institute ..10-11B Pennsylvania............13-BC-B People on the Move ....... 16B
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