Updated Nov 20, 2023
Affinius Capital Provides $180M Construction Loan For Pennsville Industrial Complex
373 N Broadway Pennsville, NJ 08070, USA
$180,000,000
$105/SF
Building Size
1,700,000 SF
Asset Type
Industrial
Closing
Jun 12, 2023
About this deal
AI
Affinius Capital LLC, led by David Greenburg, has originated a $180 million loan for the development of Garden State Logistics Center, a 1.7 million-square-foot industrial complex located at 373 North Broadway in Pennsville Township, NJ. The project, led by PGIM Real Estate and CTR Partners and situated in a strategic location, offers strong market potential for investors.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $180,000,000
- Square Footage: 1,700,000 SF
- Address: 373 North Broadway, Pennsville Township, NJ
- Lender: Affinius Capital LLC - David Greenburg
- Landlord: PGIM Real Estate & CTR Partners - James Watson, Dominic Petrucci & Carter Ewing
The loan provided by Affinius Capital LLC plays a vital role in the development of Garden State Logistics Center. This collaboration between Affinius Capital LLC, PGIM Real Estate, CTR Partners, and other key individuals involved in the project is set to create a significant impact in the industrial property market of Pennsville Township, NJ.
Players
New Jersey Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93