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Newmark Arranges $135M for Morris County Industrial/Cold Storage Build
Newmark arranged a $135-million loan on behalf of Related Fund Management, Onyx Equities and Russo Development to fund the construction of High Point on 10, a Class A build-to-suit cold storage and industrial development facility in East Hanover, NJ. Newmark’s Jordan Roeschlaub, Jonathan Firestone and Nick Scribani secured the financing from Ares Commercial Real Estate Management.
High Point on 10 will offer approximately 584,000 square feet of cold storage and industrial space on a Morris County infill site with immediate access to the entire New York City metro area and more than 13.5 million people within a 30-mile radius. RealCold, the 10th largest cold storage operator in the U.S., will lease the 380,000-square-foot cold storage component of the facility.
“This financing package will enable the continued expansion and success of RealCold’s platform across the United States,” said Roeschlaub. “We’re thrilled to have arranged this financing on behalf of Related Fund Management and its partners.”
Rendering courtesy of Russo Development.
- ◦Development
- ◦Financing
