Faropoint Lands $90M Loan with New York Life to Boost Industrial Portfolio in Northern New Jersey

Faropoint, a data-driven real estate investment firm specializing in last-mile industrial properties, has recently finalized a significant financial deal with New York Life Real Estate Investors. This transaction involves a $90 million loan, marking Faropoint's inaugural collaboration with New York Life.

Refinancing of Industrial Facilities

The refinancing arrangement encompasses 10 industrial facilities, totaling an impressive 770,000 square feet. Notably, this deal signifies Faropoint's entrance into a partnership with New York Life, a significant milestone for the firm.

Property Portfolio Details

Among the properties involved in the deal, two notable ones are highlighted: the Allendale Shallow-Bay Industrial Park and the Mahwah Industrial Center. The former spans 370,000 square feet across seven buildings within a 35-acre area, while the latter comprises three buildings totaling 400,000 square feet within a similar industrial complex.

Insight from Faropoint's Chief Investment Officer

Ohad Porat, Faropoint's Chief Investment Officer, emphasized the strategic significance of North Bergen County as an industrial submarket. He highlighted the region's robust performance, characterized by increasing rental rates, heightened leasing activity, and strong fundamentals. This underscores North Bergen County as a prime target for investment, aligning with Faropoint's strategic vision.

Current Market Position and Focus

The properties involved in the deal are fully leased, reflecting Faropoint's commitment to maintaining strong occupancy rates. Additionally, Faropoint's focus extends to several key markets, including Atlanta, Dallas, Philadelphia, Northern New Jersey, Chicago, Tampa, Miami, Baltimore, and Memphis. Currently, the firm boasts ownership and management of over 16 million square feet of industrial assets across these regions.