Bridge Industrial secures $27.1M in bridge financing for NJ warehouse

JLL arranges debt for 147,620 s/f distribution facility in CNJ

MORRISTOWN, NJ —  JLL Capital Markets has arranged $27.1 million in bridge financing for Bridge Point Piscataway, a class A, 147,620 s/f warehouse located at 10 Constitution Ave. in Middlesex County.

JLL worked on behalf of the borrower, Bridge Industrial, in securing a loan through PPM America, Inc.

The state-of-the-art distribution center features 36-foot clear ceiling heights, 41 dock-high doors and two drive-in doors designed for high-volume logistics operations. The facility provides 118 car parking spaces and 57 trailer stalls on a 12.84-acre site, supporting large-scale distribution activities. The warehouse includes 3,000 s/f of office space and can accommodate single or multi-tenant configurations.

The JLL Capital Markets team was led by senior managing directors Michael Klein and Jon Mikula, along with analyst Kevin Badger.

“Despite a prolonged lease up period, Bridge Point Piscataway’s superior design specifications and strategic location along the Interstate 287 corridor created an attractive financing opportunity,” said Klein.

“There is a strong appetite on behalf of lenders to provide financing for quality industrial projects that require more time to achieve full stabilization,” added Mikula.

 In other JLL news, JLL’s Hotels & Hospitality Group announced the sale of 122-room Courtyard by Marriott Wayne Fairfield, a select-service hotel positioned 20 miles from NYC.

JLL represented the seller, RiverLink Hotels, in the sale to affiliates of Concord Hospitality. Working on behalf of the new owner, JLL also secured acquisition financing through M&T Bank.

The four-story hotel features a diverse guestroom mix designed to accommodate various traveler needs. The property includes 73 standard king rooms, 36 standard two-queen rooms, seven extended two-queen rooms, four king suites and two queen suites.

Guests have access to comprehensive amenities including an indoor pool, fitness center and 1,587 square feet of meeting space with capacity for up to 120 banquet guests. The Bistro restaurant operates daily, serving breakfast and dinner, featuring upscale casual American cuisine and a full evening bar.

The JLL Hotels & Hospitality team representing the seller was led by director Phil White, while the financing efforts were spearheaded by managing director Jillian Mariutti.

“This Courtyard by Marriott represented a compelling value-add investment opportunity in one of northern NJs most strategically located markets,” said White. “The property combines relatively new vintage construction, strong in-place cash flows and significant operational upside potential in a high barrier-to-entry market.