Lincoln Equities Group secured $53.5 million in construction financing for an Essex County industrial project with municipal and site plan approvals in place.

Cushman & Wakefield announced the funding April 4. The real estate services firm served as exclusive advisor to LEG. PCCP provided the loan.

The 15.3-acre industrial site is located at 681 Main St. in Belleville. The project will add 204,407 square feet of new warehouse space across two buildings.

Cushman & Wakefield Vice Chair John Alascio, Senior Directors Chuck Kohaut and TJ Sullivan, and Associate Jason Blankfein represented the borrower in the transaction.

Last February, the same team represented LEG and The Carlyle Group in securing $17 million in predevelopment financing from ConnectOne Bank.

Alascio pointed out the density of the Meadowlands market location. He added it offers “logistics and distribution tenants access to nearly 60 million consumers within a five-hour drive.

“Coupled with its proximity to the Port of New York and New Jersey, the largest port on the East Coast and second largest port in the nation, this project was very compelling to lenders, and we are excited to have the opportunity to represent this sponsor,” Alascio commented.

Lincoln Equities Group acquired the site in 2022 for $13 million, which was previously owned and operated by a private entity since the 1970s.

681 Main St. will feature:

• 33 loading docks
• four drive-in doors
• 160 car parking spaces
• 43 trailer parking spaces
• 36-foot clear heights

The property is located along Route 21 in Belleville. That affords exceptional last-mile connectivity via Interstates 95, 280 and 80 as well as Routes 21, 3 and 17, and the Garden State Parkway.