Updated Dec 4, 2024
Rockefeller Group Secures $114.8M Construction Loan For Carneys Point Development Site
37 Forest Lane
$114,800,000
Building Size
—
Asset Type
Development Site
Closing
May 17, 2024
About this deal
AI
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.
On the Map
$114,800,000
Development Site
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Players
Penns Grove Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93