The STRO Cos. and KRE Group announced refinancing for a development project from the pair, a 205,000-square-foot industrial-distribution property in Passaic County’s Woodland Park.
The companies announced securing a $60 million loan from City National Bank on Aug. 8.
According to STRO, it secured a a long-term lease for a credit tenant for the property during the second quarter of this year. Located at 1150 McBride Ave., the Class A facility has 36-foot clear ceilings, two drive-ins, 20 docks and ample trailer and car parking. It offers direct access to Routes 46 and 23 and Interstate 80.
KRE Director Jamie Block represented the owners in the refinancing deal.
“We are pleased to have consummated this transaction with City National Bank,” Block said in a statement. “They were able to execute quickly on this transaction and made the entire process seamless. Nick Zitelli’s team was great to work with and we look forward to doing more business with them in the foreseeable future.”
STRO is on a growth plan, looking to expand its industrial property count in North Jersey and Florida. It recently secured a pair of leases in Hackensack, along with refinancing for other projects in the northern part of the state.