Partners Advance Realty Investors and Greek Development closed on financing to the tune of more than $227 million, the firms announced July 26, to support the collaborators’ industrial development projects in Linden and Logan Township.

Wells Fargo provided loans for both Linden Logistics Center and Logan North Industrial Park. A Cushman & Wakefield debt team comprised of John Alascio, TJ Sullivan and Chuck Kohaut sourced the funding.

“We are excited to close these loans, thanks to our longstanding relationship with Advance, even in this volatile capital markets environment — validating the strength of sponsorship and the properties we are developing,” Greek Development Managing Partner David Greek said in a statement. “The success we’ve had in leasing Linden and Logan thus far speaks volumes about the pace of demand for strategically located warehouses in New Jersey and the ability for us to deliver true economic value to our strategic partners and the communities we build in.”

Linden Logistics Center

A $142 million loan from Wells Fargo will go toward Phase III of the 1.32 million-square-foot Linden Logistics Center development in Union County. Expected to be completed in the second quarter of 2023, the project is comprised of the 332,635-square-foot Building 100 and the 516,600-square-foot Building 200.

Phase II is currently under construction — consisting of Buildings 300, 400 and 700 — with an anticipated delivery by the end of the year. In December, Greek Development and Advance Realty secured $235 million in permanent financing for Buildings G and E at the property, which are leased to World Distribution Services and Peloton Interactive Inc.

CBRE’s Tom Monahan, Larry Schiffenhaus and Stephen D’Amato serve as leasing brokers for the project.

Logan North Industrial Park

Down south in Gloucester County, $85 million in funding will finance the third phase of Logan Industrial Park — a 3.2 million-square-foot project. That involves the delivery of Buildings B and CD, measuring 274,000 square feet and 475,000 square feet, respectively, which is also anticipated for Q2 of 2023.

“We’re grateful and humbled to have long standing relationships with great partners across the brokerage, lending, and equity capital markets space,” Advance Realty Principal and Managing Director Alexander Cocoziello said. “They have continually stepped up and executed when called upon and our development partnership looks forward to more opportunities to grow together in the future.”