Cushman & Wakefield said June 7 it served as the exclusive adviser to Lincoln Equities Group in the procurement of $115,000,000 in industrial build-to-suit construction financing for Highland Cross, a 360,000-square-foot Class A industrial facility in Rutherford.
The loan was provided by PCCP LLC.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut, TJ Sullivan and Zachary Kraft represented the borrower.
“Highland Cross presented lenders with a terrific opportunity to finance the construction of a state-of-the-art, fully pre-leased, Class-A distribution center located in the heart of the white-hot Meadowlands industrial market,” said Alascio. “We experienced a tremendously competitive process and PCCP provided a seamless execution for our client at highly attractive terms.”
“We are thrilled to close another loan through Cushman & Wakefield and to further expand our relationship with the Lincoln Equities team,” said Ryan Dodge, senior vice president with PCCP. “This loan was an exciting opportunity to further invest in the Northern New Jersey industrial market.”
Highland Cross is located in Rutherford in Bergen County at the crossroads of the New Jersey Turnpike and N.J. Routes 3 and 17. The facility will measure approximately 360,000 square feet and is 100% pre-leased to an investment-grade logistics tenant.
Upon its completion, Highland Cross will be on the short list of modern buildings in the Meadowlands, with less than 20 existing properties offering 36-foot plus clear heights. The property, which is expected to be completed in early 2022, will feature cross-docked loading, 70 dock high doors and more than 80 trailer parks.