With work already underway on an industrial complex coming to South Jersey, the 1.7 million-square-foot Garden State Logistics Center has secured a construction loan.

Affinius Capital LLC announced June 12 it originated a $180 million loan to finance that ground-up development in Pennsville Township.

According to the Texas-based investment company, the loan was made to a joint venture of PGIM Real Estate, the $1.5 trillion global asset management business of Newark-based Prudential Financial Inc., and CT Realty, a nationwide industrial real estate investment and development company. The partners unveiled plans for the 282 acres of land in Salem County in May 2022.

Located at the former Deepwater property next to the Delaware Memorial Bridge at Interstate 295, Garden State Logistics Park comprises two buildings — measuring 1.2 million square feet and 512,442 square feet, respectively — with 40-foot clear heights and either cross-dock or front-loaded building configurations. The 282-acre project site will also accommodate 2,568 car and trailer parking stalls, and a total of 276 dock doors.

In 2021, Garden State Logistics Park was approved for a New Jersey PILOT (payment-in-lieu-of-taxes) agreement.

“The Garden State Logistics Center transaction offers what we believe is a compelling opportunity to provide construction financing in a market with strong industrial fundamentals,” said Affinius Capital Managing Director David Greenburg. “The property is strategically positioned along major thoroughfares that allow tenants convenient access to the country’s densest populations, including Philadelphia, Washington, D.C., and New York City. We expect the project to be well received by the market and look forward to our partnership with CTR and PGIM Real Estate on this venture.”

Situated along the southern gateway to New Jersey on Interstate 295 and adjacent to the Delaware Memorial Bridge, the property is minutes to Interstate 95 and can serve 66 million consumers within a day’s truck drive.

On the topic of South Jersey, during a recent NJBIZ panel discussion on construction and development, Bohler Principal and Branch Manager James Thaon described the region’s municipal process as easier to navigate. “Let’s call it friendlier and open minded,” he said, adding that that point of view could bring returns to the region.

“And I think if that trend continues, that they are open-minded to new development and attracting development, that will naturally keep developers coming back and going back down there,” Thaon said.

CBRE, which negotiated the sale of the land to the JV, will also represent the buildings for lease or sale through its New Jersey and Philadelphia offices.

Delivery of the Garden State Logistics Park is slated for the second half of 2023.