New York & Tri-State + Tri-State + Opportunity Zones | February 22, 2019

CIT Arranges Acquisition Loan for Newark’s Ballantine Industrial

CIT Group’s real estate finance division served as the sole lead arranger of a $48.7-million senior secured loan for the acquisition and lease-up of the Ballantine Industrial Center in Newark, NJ.

Formerly the site of the Ballantine brewery, the 1.1-million-square-foot property is being acquired through a joint venture between Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management.

The Ballantine Industrial Center is comprised of six industrial/warehouse buildings, and is in proximity to Newark’s shopping, dining and recreational centers. The site, which sits in an Opportunity Zone, also offers ready access to industrial warehouse and manufacturing loft space.

“Ongoing economic growth and the redevelopment of Newark’s Ironbound district is empowering the industrial sector in the region,” said CIT’s Chris Niederpruem. “This transaction demonstrates our ability to leverage our expertise in structuring a financing package that best suits the buyers’ interest in the property.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).