Faropoint, a data-driven real estate investment firm focusing on last-mile industrial properties, has secured a $90 million loan from New York Life Real Estate Investors. The refinancing involves 10 industrial facilities totaling 770,000 square feet, marking Faropoint’s first deal with New York Life. The portfolio includes the Allendale Shallow-Bay Industrial Park, covering 370,000 square feet with seven buildings across 35 acres and the Mahwah Industrial Center, encompassing three buildings totaling 400,000 square feet within a 35-acre industrial complex.

“North Bergen County stands out as one of the most tightly competitive industrial submarkets within the state and even the country, consistently displaying encouraging trends such as rising rental rates, increased leasing activity, and strong underlying fundamentals, rendering it an essential target for investment,” said Ohad Porat, Chief Investment Officer at Faropoint.  

The facilities are fully leased. Faropoint’s focus markets include Atlanta, Dallas, Philadelphia, Northern New Jersey, Chicago, Tampa, Miami, Baltimore, and Memphis, where it currently owns and manages over 16 million square feet of industrial assets.