Lincoln Equities Group Secures $53.5M Construction Loan For Belleville Logistics Facility
681 Main Street
$53,500,000
Building Size
—
Asset Type
Industrial
Closing
Apr 4, 2024
AI
The Lincoln Equities Group secured a $53.5 million construction loan for the redevelopment of a 15-acre industrial site located at 681 Main Street in Belleville. The project involves transforming the site into a 204,407-square-foot warehouse, strategically positioned near major highways and the Port of New York and New Jersey.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $53,500,000
- Address: 681 Main Street
- Market: Belleville
- Acres: 15
- Lender: PCCP
- Landlord: Joel Bergstein - Lincoln Equities Group
- Brokers: Chuck Kohaut, Jason Blankfein, John Alascio & TJ Sullivan - Cushman & Wakefield
- Loan Type: Construction Loan
Cushman & Wakefield's team, represented by Chuck Kohaut, Jason Blankfein, John Alascio, and TJ Sullivan, played a key role in facilitating the loan. The sponsor for the logistics facility's redevelopment has partnered with PCCP for the financing of this significant project.
Players
Belleville 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
0.30%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93