Affinius Capital has provided a $180 million loan to finance the development of the Garden State Logistics Center in Pennsville Township, NJ. The 1.7 million-square-foot industrial complex is being constructed by a joint venture between PGIM Real Estate and CTR Partners, led by James Watson, Dominic Petrucci and Carter Ewing.
David Greenburg, managing director of Affinius Capital expressed enthusiasm for this opportunity: “The Garden State Logistics Center transaction offers what we believe is a compelling opportunity to provide construction financing in an area with strong industrial fundamentals.” He went on to explain that “the property is strategically positioned along major thoroughfares that allow tenants convenient access to some of the country’s densest populations including Philadelphia, Washington DC and New York City.”
The complex will feature two distribution buildings with spacious dimensions as well as ample parking and numerous dock doors. Vertical construction has already begun on this project which is expected for completion during Q4 2023.
