Belleville industrial site secures $17M in predevelopment financing

Jessica Perry//February 27, 2023

After purchasing the more than 15-acre industrial property in Belleville last year, Lincoln Equities Group LLC and The Carlyle Group recently secured predevelopment financing, to the tune of $17 million, for work that will transform the site.

Cushman & Wakefield served as exclusive advisor to the partners in securing the funds for 681 Main St. from ConnectOne Bank, the real estate services firm announced Feb. 27. Vice Chair John Alascio, Senior Directors Chuck Kohaut and TJ Sullivan, and Associate Jason Blankfein represented the borrowers in the transaction.

According to the announcement, East Rutherford-based Lincoln Equities Group and The Carlyle Group plan to demolish the existing structures on the property and finalize approvals to build two Class A industrial warehouses, with a cumulative 204,550 square feet, at the site.

Rendering for Lincoln Logistics Center at 681 Main St. in Belleville. – LANGAN ENGINEERING

The property is based in one of the most affluent consumer markets in the U.S., with exceptional last-mile connectivity via Interstates 95, 280 and 80, as well as Routes 21, 3 and 17, and the Garden State Parkway. That “white-hot Meadowlands” location, Alascio said in a statement, was “highly compelling to lenders.”

Added Kohaut, “Despite unprecedented market volatility, ConnectOne Bank remained steadfast and provided market-leading financing terms, resulting in a strong new lending relationship and an exceptional outcome for our client,” added Kohaut.