Madison Realty Capital has originated a $654-million mortgage and mezzanine loan to 2020 Acquisitions, a New Jersey-based development firm, to refinance and complete a portion of the Central 9 Logistics Park, a nine-building, 4.1 million square foot industrial campus located in Old Bridge, NJ. Shaya Ackerman, Steven Treitel and Jacob Levy of NAMREKCA Capital arranged the transaction.
The financing will be used to refinance five buildings in Phase 1 of the development, and cover construction and leasing costs for two buildings in Phase 2 of the development. The industrial park is undergoing a three-phased development process.
“Northern and Central New Jersey remain among the country’s most competitive industrial markets, driven by e-commerce and 3PL demand against limited new supply,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital. “Central 9 represents the type of industrial project we look for—a highly capable sponsor executing a multi-building industrial campus in a supply-constrained market with strong fundamentals.”
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