CIT Real Estate Finance provided a $20.1 million senior secured construction loan to Chicago-based Bridge Development Partners, a privately owned commercial real estate firm that develops and acquires industrial and office assets in Illinois, New Jersey, California and Florida. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
Bridge Development will use the loan to construct a 263,415-square-foot Class A distribution building in Union, NJ. The property will have 36-foot ceiling clear heights, a single loading dock configuration with 50 exterior dock doors, two drive-in doors, high efficiency T-5 lighting and an Early Suppression Fast Response (ESFR) sprinkler system. The property will also feature 73 trailer positions (expandable by an additional 38 positions) and 153 car parking spaces.
Jeff Milanaik, Principal of Bridge Development Partners, said, “We’re excited to begin construction of this Class A property which furthers our continued expansion on the East Coast. New Jersey is a leading destination for businesses coveting centrally located industrial space along the northeast seaboard. This state-of-the-art facility will be located within 4 miles of the Newark Liberty International Airport and the New Jersey Turnpike, and within 6 miles of the NY/NJ Port, with direct access from both I-78 and the Garden State Parkway. We value CIT’s market knowledge and ability to timely complete this transaction.”
Matt Galligan, President of CIT Real Estate Finance, said, “We like the New Jersey industrial market as it is favorably positioned with easy access to New York City and serves as a central location between Boston and Washington DC. We’re pleased to provide this financing to Bridge Development Partners and look forward to their continued growth on the East Coast.”
Steve Reedy, Managing Director of CIT Real Estate Finance, said, “Activity at the Port of NY/NJ remains strong. Stabilized demand and strong market fundamentals continue to drive confidence in NJ’s industrial market and growth within the Port submarket. We are pleased to put our commercial real estate expertise and knowledge to work for Bridge Development Partners and look forward to expanding this relationship.”
Bridge Development Partners, LLC is a privately owned firm focused on the development and acquisition of industrial and office real estate in the Chicago, South Florida, Los Angeles and Northern New Jersey regions. Bridge develops investment-grade buildings and business parks, and acquires existing Class A and Class B properties that provide opportunities to add value.