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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.
- ◦Financing
- ◦Development
