Citizens Bank Refis N.J. Industrial Property With $47M Loan – Commercial Observer
Wholesale product company EXP Group has landed $47 million of permanent debt to refinance an industrial asset in northern New Jersey, Commercial Observer has learned.
Citizens Bank provided the loan on the 300,015-square-foot logistics property at 2500 83rd Street in North Bergen, N.J.
Ripco Real Estate arranged the transaction with a team consisting of Adam Hakim, Michael Winter and James Murad.
“Despite a challenging lending environment, high-quality industrial assets with strong sponsorship continue to attract lender interest,” Murad, managing director at Ripco, said in a statement.
Situated on 35 acres, 2500 83rd Street features a single-story, 100 percent-occupied industrial facility that served as EXP Group’s Northeast headquarters and distribution hub along with other industrial tenants. The property benefits from being in a supply-constrained industrial market with access to major transportation corridors and ports, according to Ripco.
EXP Group and Citizens Bank did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
