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Rockefeller Group Secures $114.8M Construction Loan For Carneys Point Development Site

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FINANCED
$114,800,000

New Jersey

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Development Site
Financed 05/17/2024
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Property Image
FINANCED

Rockefeller Group Secures $114.8M Construction Loan For Carneys Point Development Site

37 Forest Lane

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Development Site
Financed 05/17/2024
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Summary

NEW JERSEY
Asset Type:Development Site
Transaction Type:Loan

The development site located at 37 Forest Lane in Carneys Point spans 141 acres. The construction of the Rockefeller Group Logistics Center is underway, supported by a $114.8 million construction loan provided by Sumitomo Mitsui Trust Bank. Daniel J. Moore of Rockefeller Group serves as the landlord for this project.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $114,800,000
  • Address: 37 Forest Lane
  • Market: Carneys Point
  • Lender: Sumitomo Mitsui Trust Bank
  • Landlord: Daniel J. Moore - Rockefeller Group
  • Loan Type: Construction Loan

The Rockefeller Group Logistics Center at Carneys Point is a project led by partners like M + H Architects and Langan Engineering & Environmental Services. The development is set to be completed in early 2025, bringing enhancements that will benefit the region.

Players

Sumitomo Mitsui Trust Bank
Sumitomo Mitsui Trust Bank
LENDER

Details

FINANCED
IMAGE: Daniel J. Moore DATE: 05/17/2024 ADDRESS: 37 Forest Lane MARKET: Carneys Point ASSET TYPE: Development Site ~ ACRES: 141 LENDER: Sumitomo Mitsui Trust Bank LANDLORD: Daniel J. Moore - Rockefeller Group (@RockefellerGroup) LOAN AMOUNT: $114,800,000 LOAN TYPE: Construction Loan NOTE: Rockefeller Group has initiated construction on the Rockefeller Group Logistics Center at Carneys Point, a two-building campus in New Jersey, with Sumitomo Mitsui Trust Bank providing $114.8 million in financing. The project, led by partners like M + H Architects and Langan Engineering & Environmental Services, is set for completion in early 2025, featuring enhancements that will benefit the region.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$114,800,000.00

Monthly NOI$765,333.33
Monthly Debt Service$725,614.09
Change in Cash Flow$0.00
Refinance Proceeds$0.00