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Cushman & Wakefield Arranges $69 5M Financing for 1 2-MSF Industrial Portfolio Across PA and Southern NJ
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NEW YORK, Feb. 25, 2021 /PRNewswire/ Natixis originated a $69.5 million floating-rate loan in a joint venture between Camber Real Estate Partners and a global insurance company on the Crossings Light Industrial Portfolio, a 1.24 million square foot industrial portfolio in Southern New Jersey and Southeastern Pennsylvania. Camber Real Estate Partners is a Montclair, New Jersey-based investment and development company led by Christopher Bellapianta and Dave Surti.
The portfolio includes 25 individual properties primarily consisting of distribution and light industrial uses. The portfolio is over 96.8% leased by a diversified rent roll with a weighted average tenure of more than 10 years.
Cushman & Wakefield served as the exclusive advisor to Camber Real Estate Partners in the procurement of $69,500,000 for the financing of the Crossings Industrial Portfolio, a 25-building, 1.2 million-square-foot light industrial portfolio situated across Bucks County, PA and Southern NJ.
The floating-rate financing was provided by Natixis. A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Sridhar Vankayala, Chuck Kohaut, TJ Sullivan and Meredith Donovan represented Camber.
“The portfolio represents an ideal mix of functional, multi-tenanted and well-located light industrial assets in Greater Philadelphia’s most sought after submarkets: Bucks County and Southern New Jersey,” said Alascio.
“The portfolio’s strong performance throughout the COVID-19 pandemic is exemplary of the strong and diversified tenant roster, as well as the area’s unprecedented tenant demand.”