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

Property Image
FINANCED
$10,300,000
Jon Mikula
Jim Cadranell
John Cumming

New Jersey

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Development Site
Financed 12/20/2024
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Property Image
FINANCED

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

485 Elizabeth Avenue

See Similar Deals
Development Site
Financed 12/20/2024
Jon Mikula
Jim Cadranell
John Cumming
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Development Site
Transaction Type:Loan

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:

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.

Players

Jim Cadranell
JLL
Jim Cadranell
33 deals$2.4B volume
BROKER
Jon Mikula
JLL
Jon Mikula
42 deals$1.8B volume(973) 549-2006
BROKER
John Cumming
JLL
John Cumming
11 deals$702.5M volume
BROKER
Wintrust Bank
Wintrust Bank
LENDER

Details

FINANCED
IMAGE: Jay Cornforth, Jim Cadranell, John Cumming & Jon Mikula DATE: 12/20/2024 ADDRESS: 485 Elizabeth Avenue MARKET: Somerset ASSET TYPE: Development Site ~ BSF: 76,200 ~ ACRES: 7.5 LENDER: Wintrust Bank (@Wintrust) LANDLORD: Jay Cornforth - Bridge Logistics Properties (@BLP_BridgeLogistics) BROKERS: Jim Cadranell, John Cumming & Jon Mikula - JLL (@JLL) LOAN AMOUNT: $10,300,000 LOAN TYPE: Construction NOTE: JLL secured a $10.3 million construction loan for a 76,200-square-foot industrial project in Somerset, NJ, to be developed by Bridge Logistics Properties on a 7.5-acre site. The facility will feature a 40-foot clear height, 10 dock doors, a drive-in door, 36 parking spaces, and 135-foot truck court depths.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$10,300,000.00

Monthly NOI$68,666.67
Monthly Debt Service$65,103.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00