Bridge Development Partners, the Chicago, IL-based real estate developer, has secured a $20.1 million senior secured construction loan provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. The funds will be used to construct a new Class A distribution building in Union, NJ. Terms of the transaction were not disclosed.
Matt Galligan, President of CIT Real Estate Finance, said in a statement, "We like the New Jersey industrial market as it is favorably positioned with easy access to New York City and serves as a central location between Boston and Washington DC. We're pleased to provide this financing to Bridge Development Partners and look forward to their continued growth on the East Coast."
"Activity at the Port of NY/NJ remains strong. Stabilized demand and strong market fundamentals continue to drive confidence in NJ's industrial market and growth within the Port submarket," added Steve Reedy, Managing Director of CIT Real Estate Finance. "We are pleased to put our commercial real estate expertise and knowledge to work for Bridge Development Partners and look forward to expanding this relationship."
Jeff Milanaik, Principal of Bridge Development Partners, said, "We're excited to begin construction of this Class A property which furthers our continued expansion on the East Coast. New Jersey is a leading destination for businesses coveting centrally located industrial space along the northeast seaboard. This state-of-the-art facility will be located within 4 miles of the Newark Liberty International Airport and the New Jersey Turnpike, and within 6 miles of the NY/NJ Port, with direct access from both I-78 and the Garden State Parkway. We value CIT's market knowledge and ability to timely complete this transaction."
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