Bridge Industrial has secured a $64.3 million construction loan for Bridge Point 15E, a 211,388-square-foot Class A industrial project located at 17 Blanchard Street in Newark, New Jersey. The loan, provided by Heitman, will be used to finance the completion of the speculative distribution center by the third quarter of 2024.

Summary of transaction details

• Property Type: Development Site
• Loan Amount: $64,300,000
• Loan Type: Construction Loan
• Loan Terms: three-year
• Address: 17 Blanchard Street
• Market: Newark
• Asset Type: Development Site
• BSF: 211,388
• Acres: 12
• Lender: Heitman
• Landlord: Bridge Industrial
• Brokers: Michael Lachs, Michael Klein & Jon Mikula - JLL

JLL, represented by Michael Lachs, Michael Klein, and Jon Mikula, arranged the loan on behalf of the developer. This financing will support the finalization of the Bridge Point 15E project, further enhancing the industrial landscape in Newark.