Northbridge Partners secured $27 million in financing for an industrial portfolio in New Jersey and Pennsylvania. The portfolio comprises three industrial warehouses spanning approximately 343,000 square feet, located at 5 Astro Place in Denville, NJ; 1450 Taylors Lane in Cinnaminson, NJ; and 420, 458-460, and 524 Imperial Court in Bensalem, PA.  

The loan was provided by a national insurance lender and was negotiated by Meridian Capital Group with a team led by Morris Betesh, Brandon Serota and Alex Bailkin. 

“Despite the market volatility associated with the regional bank crisis, Meridian and NorthBridge Partners were able to source a national life insurance company through their extensive network of lender relationships,” said Betesh. “The strong lender appetite for this transaction is a testament to the sponsorship group’s impressive and growing presence in the Philadelphia and Northern New Jersey submarkets as well as the robust demand in the industrial sector.”