$14.9 for Acquisition and Pre-Development in South Brunswick, NJ

Developers borrowed $14.9 million from Malvern Federal Savings Bank to buy and redevelop an industrial site at 83 Stults Road in South Brunswick, NJ.

The site includes a 368,537-square-foot, rail-served warehouse distribution building, and a 16-acre development site.

The borrowers, a partnership between EverWest Real Estate Partners and Accordia Realty Ventures, received a three-year, floating-rate loan to help them acquire the site, renovate the warehouse and secure approvals to build a proposed, new 200,000-square-foot warehouse on the lot next door, on a prime location near the New Jersey Turnpike.

“Exit 8A is one of the strongest industrial submarkets in the state. The property’s location and borrower’s experience with similar types of transactions allowed Malvern to provide a very competitive rate and a creative loan structure that will enable the borrower to easily execute its business plan during the loan term,” said Michael Klein, managing director for Holliday Fenoglio Fowler (HFF), which represented the borrower in the transaction. The property is subject to a short-term sale-leaseback with Hermann Services Inc.

For comments, questions or concerns, please contact Bendix Anderson