Newmark has secured a $135 million loan for the construction of High Point on 10, a Class A industrial and cold storage facility in East Hanover, NJ. The financing was arranged on behalf of Related Fund Management, Onyx Equities and Russo Development by Newmark’s Jordan Roeschlaub, Jonathan Firestone and Nick Scribani from Ares Commercial Real Estate Management.
Located in Morris County with easy access to the entire New York City metro area and over 13.5 million people within a 30-mile radius, High Point on 10 will offer approximately 584,000 square feet of industrial space including a large cold storage component leased by RealCold – one of the top ten largest cold storage operators in the U.S.
According to Roeschlaub: “This financing package will support RealCold’s expansion efforts throughout the country. We are excited to have facilitated this deal for Related Fund Management and their partners.”
