Hackensack multi-building industrial property lands $11M refinancing

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An 81,000-square-foot multi-building industrial site in Hackensack recently secured refinancing with an $11 million loan from Valley Bank.

The loan for 211-215 S. Newman St. was announced March 27 by The STRO Cos., an exclusive real estate services provider to the Millstein Family Office.

STRO Senior Director of Acquisitions and Capital Markets Jack Shulman represented the ownership group in-house to arrange the financing with Wayne-based Valley Bank.

“It was great to see this project reach a successful conclusion and provide another opportunity to work with Valley,” Shulman said in a statement. “Valley was a great partner in refinancing this asset due to their ability to move fast and understanding of industrial assets. We are pleased to have partnered with them on another transaction and look forward to others in the future.”

Brian Tish, deputy department head of commercial real estate North for the financial institution, also expressed excitement about expanding the relationship with the Ridgewood-based investor and operator.

“Successful collaboration is made easy when organizations share similar viewpoints on investment asset classes and the geographic markets for which they operate within,” he said.

The multi-building property is located directly off Interstate 80, offering easy access to the New York metropolitan area. It features 15-foot clear ceilings, three drive-in doors, 11 docks and parking for both trailers and employees.

In 2022, STRO secured multiple, long-term tenants for the property, including Diaz Wholesale, Mittera Group and John Mini Distinctive Landscapes. The property is currently 100% leased.