PCCP Provides $98M on NJ Spec Development
PCCP provided a $98-million senior loan for the speculative development of Mercer Industrial Park, a two-building, 1.2-million-square-foot project in Hamilton Township, NJ, near Princeton.
The borrower is a joint venture between Hilco Redevelopment Partners and Edge Principal Advisors, which acquired the 132-acre former power plant in late 2018. With PCCP’s loan, vertical construction has now commenced and is anticipated for completion in early 2021.
“PCCP’s construction loan provides us with the opportunity to lend on a well-located, Class A industrial project in a market experiencing strong fundamentals,” said Ryan Dodge, SVP with PCCP. “We are excited to kick off another great project with the Hilco team.”
Mercer Industrial Park will include an 846,078-square-foot cross-dock building and a 384,895-square-foot partial cross-dock building with a combined 358 trailer parking spaces and 1,248 car surface parking spaces. Both buildings will feature 40-foot clear height and five ingress/egress points for trucks.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development