Valley National Bank Provides $18.6 Million Loan For Industrial Facility In Passaic

The asset involved in this transaction is a newly completed industrial facility located at 101 7th Street (also known as 1 Lodi Street) in Passaic. The facility spans 124,000 square feet and operates as a leading recycling center in the region, featuring advanced dual and single-stream processing capabilities. The total loan amount arranged for this property is $18,600,000, provided by Valley National Bank.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $18,600,000
• Address: 101 7th Street (also known as 1 Lodi Street)
• Market: Passaic
• Lender: Valley National Bank
• Landlord: 101 Seventh Street Urban Renewal LLC
• Brokers: Jake Salkovitz, Jason Gaccione & Shawn Rosenthal - CBRE
• Square Footage: 124,000

This transaction was facilitated by CBRE’s Debt & Structured Finance team, consisting of brokers Jake Salkovitz, Jason Gaccione, and Shawn Rosenthal, representing the landlord 101 Seventh Street Urban Renewal LLC. The team successfully arranged the loan from Valley National Bank to support the operations of the industrial facility.