Affinius Capital has provided a $180 million loan to finance the development of the Garden State Logistics Center in Pennsville Township, NJ. The 1.7 million-square-foot industrial complex is being constructed by a joint venture between PGIM Real Estate and CTR Partners, led by James Watson, Dominic Petrucci, and Carter Ewing.  

“The Garden State Logistics Center transaction offers what we believe is a compelling opportunity to provide construction financing in a market with strong industrial fundamentals,” said David Greenburg, managing director of Affinius Capital. “The property is strategically positioned along major thoroughfares that allow tenants convenient access to the country’s densest populations, including Philadelphia, Washington, DC, and New York City.” 

The complex will feature two distribution buildings with spacious dimensions, ample parking, and numerous dock doors. Vertical construction is underway, and the project is expected to be completed in Q4 2023.