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New York Life Insurance Provides $83M Construction Loan For Industrial Development In Morris Plains

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FINANCED
$83,000,000
Triston Stegall
Keith Kurland
Ari Hirt
+ 3

New Jersey

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Industrial495,000 SF
Financed 02/28/2024
the dealplayerscompscontact
Property Image
FINANCED

New York Life Insurance Provides $83M Construction Loan For Industrial Development In Morris Plains

201 Tabor Road

See Similar Deals
Industrial495,000 SF
Financed 02/28/2024
Triston Stegall
Keith Kurland
Ari Hirt
+ 3
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$167
Total Square Footage:495,000 SF
Transaction Type:Loan

The industrial property at 201 Tabor Road in Morris Plains, featuring 495,000 square feet of Class A industrial space spread across 55 acres, secured a $83 million construction loan from New York Life Insurance Company. The property offers convenient access to major interstate highways.

Summary of transation details:

The joint venture development deal involving Lincoln Equities Group, PCCP, and New York Life Insurance Company showcases the collaboration of key industry players in the financing and management of industrial properties.

Players

Aaron Appel
Walker & Dunlop
Aaron Appel
190 deals$31.9B volume
BROKER
Ari Hirt
Walker & Dunlop
Ari Hirt
28 deals$3.1B volume(301) 215-5500
BROKER
Jonathan Schwartz
Walker & Dunlop
Jonathan Schwartz
165 deals$26.9B volume
BROKER
Keith Kurland
Walker & Dunlop
Keith Kurland
170 deals$29.1B volume
BROKER
Adam Schwartz
Walker & Dunlop
Adam Schwartz
160 deals$25.4B volume(646) 491-8869
BROKER
Triston Stegall
Walker & Dunlop
Triston Stegall
5 deals$369.3M volume
BROKER
New York Life
New York Life
LENDER

Details

FINANCED
IMAGE: Joel Bergstein, Donald Kuemmeler, Aaron Appel, Adam Schwartz, Ari Hirt, Jonathan Schwartz, Keith Kurland & Triston Stegall DATE: 02/28/2024 ADDRESS: 201 Tabor Road MARKET: Morris Plains ASSET TYPE: Industrial ~ SF: 495,000 ~ ACRES: 55 LENDER: New York Life Insurance (@NewYorkLife) LANDLORD: Joel Bergstein - Lincoln Equities Group; Donald Kuemmeler - PCCP BROKERS: Aaron Appel, Adam Schwartz (@AdamSchwartz88), Ari Hirt, Jonathan Schwartz (@JonSchwartz), Keith Kurland (@KaKurland) & Triston Stegall - Walker & Dunlop (@WalkerDunlop) LOAN AMOUNT: $83,000,000 LOAN TYPE: Construction Loan NOTE: Lincoln Equities Group and PCCP secured $83 million in construction financing for their joint venture industrial development in Morris Plains, NJ, with New York Life Insurance Company providing the loan. The property, located at 201 Tabor Road, features 495,000 square feet of Class A industrial space and convenient access to major interstate highways.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$83,000,000.00

Monthly NOI$553,333.33
Monthly Debt Service$524,616.46
Change in Cash Flow$0.00
Refinance Proceeds$0.00