Thursday, June 3, 2021

Black Creek Obtains $39.7 Million Loan To Build New Jersey Industrial Facility

 By Linda Moss CoStar News

Black Creek Group has obtained $39.7 million in construction financing for a 508,000-square-foot industrial facility it's building in Florence, New Jersey.

Black Creek's Class A industrial building at 1100 W. Front St., called Florence West, will be located on 51 acres along the Delaware River. It is near the Pennsylvania and New Jersey turnpikes and offers regional access to the ports of Philadelphia and Newark-Elizabeth as well as multiple international airports, a deep labor pool and a third of the nation's population within one-day's drive.

When it's completed, the property will feature 36-foot-clear ceiling heights, 92 loading docks and two drive-ins, as well as ample trailer, with 101 stalls, and car, with 434 stalls, parking.

"Florence West's blue-chip sponsorship, state-of-the-art design and strategic regional location were extremely appealing to lenders, who continue to increase allocations for industrial," John Alascio, Cushman & Wakefield executive managing director, said in a statement. "This drove a competitive marketing process where BMO Harris ultimately provided highly attractive terms and a seamless execution for our client."

Black Creek is building its Florence project on a speculative basis without having any tenants lined up for it yet.

The developer also has another industrial project in Florence in the works. Roughly a year ago, Black Creek paid $14.75 million for a nearly 31-acre parcel at 837 Railroad Ave. It plans to build a 300,700-square-foot warehouse-distribution facility on the site.

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