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Penwood Secures Loan for Spec Industrial in Newark

A joint venture partnership between Penwood Real Estate Investment Management and Penford Group has lined up construction financing to develop a 290,063-square-foot spec industrial project in Newark, NJ. HFF’s Michael Klein and Matthew Pizzolato placed the loan with Principal Real Estate Investors.

The completed project at 256 Vanderpool St. will be known as Portside Distribution Center. Penwood, which acquired the 14.25-acre parcel in January 2017, is an experienced owner-developer in the industrial sector, and recently closed its fifth value-add fund at $325 million. The latest fund will focus on the New York/New Jersey region and Southern California.

“Principal has been making loans on industrial properties in this market for a long time and has a firm grasp of the market’s fundamentals and the property’s attributes, and was able to get comfortable making a construction loan on a speculative development,” said Klein.

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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 16-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 7-10 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).

  • ◦Financing
  • ◦Development
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