Natixis Provides $40 Million Financing on Northern New Jersey Industrial Park
Natixis originated a $40 million floating-rate loan to a joint venture between Camber Real Estate Partners, Advance Realty and an institutional investor to acquire 19 Chapin Road, a four-building, 529,110 square foot light industrial campus. The park is home to a strong roster of credit tenants including Pitney Bowes, Doosan, Trane and Samsung.
The loan includes an initial funding of $35 million plus an additional $5 million that is earmarked for future leasing and capital improvement work. The Sponsor’s business plan includes converting portions of the collateral from office space to light industrial use in order to optimize the use mix and to take advantage of the high demand in the industrial leasing market.
The property is located in Montville, New Jersey, approximately 25 miles west of New York City along interstate 80. Primary regional access to the Property is provided by US Route 46, Interstate 80, and Interstate 280, giving commercial industrial users excellent highway access.
The financing was arranged by Greg Nalbandian from the office of HFF in Florham Park, New Jersey.