Updated May 12, 2026
Simmons Bank Provides $25M Construction Loan For South Plainfield Industrial Property
602 New Market Avenue, South Plainfield, New Jersey 07080, United States
$25,000,000
$132/SF
Building Size
189,059 SF
Asset Type
Industrial
Closing
Jul 17, 2022
About this deal
AI
The industrial property located at 602 New Market Ave in South Plainfield has been involved in a closed transaction. The property spans an impressive 189,059 square feet and sits on approximately 20.7 acres.
Summary of transation details
- Property Type: Industrial
- Transaction Amount: $25,000,000
- Loan Type: Construction Loan
- Loan Terms: three-year, floating-rate
In this transaction, Simmons Bank provided a construction loan of $25,000,000 for the property. The loan comes with a three-year duration and a floating interest rate. The landlord involved in the deal is Bridge Industrial. The brokers responsible for representing the parties in this transaction are Jon Mikula, Michael Klein, and Michael Lachs, all from JLL Capital Markets.
Players
South Plainfield 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
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93