$40M Borrowed to Buy 19 Chapin Rd.
Investors borrowed $40 million from Natixis to buy and redevelop 19 Chapin Rd., a four-building, 529,110-square-foot light industrial campus in Montville, NJ.
Camber Real Estate Partners, Advance Realty and an institutional investor plan to convert portions of the property for office space to light industrial space, to take advantage of the high demand for industrial space in New Jersey.
Natixis provided a floating-rate loan that includes an initial funding of $35 million, plus an additional $5 million that is earmarked for future leasing and capital improvement work.
The current tenants include Pitney Bowes, Doosan, Trane and Samsung. Greg Nalbandian with HFF arranged the financing.
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