Wintrust Bank Provides $10.3 Million Construction Loan For Bridge Logistics Development Site In Somerset

The asset involved in this transaction is a development site located at 485 Elizabeth Avenue in Somerset, NJ. This site encompasses 7.5 acres and is set to host a 76,200-square-foot industrial project featuring a 40-foot clear height, 10 dock doors, a drive-in door, 36 parking spaces, and 135-foot truck court depths.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $10,300,000
• Lender: Wintrust Bank
• Landlord: Jay Cornforth - Bridge Logistics Properties
• Broker Representatives: Jim Cadranell, John Cumming & Jon Mikula - JLL
• Loan Type: Construction

This transaction highlights the key individuals and companies involved, with Jay Cornforth representing Bridge Logistics Properties. The brokerage firm JLL played a crucial role in securing the construction loan for this project, managed by brokers Jim Cadranell, John Cumming, and Jon Mikula.