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PGIM Provides $129.1 Million Refinance Loan For Box Park Logistics Center In Cinnaminson

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FINANCED
$129,100,000

New Jersey

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Industrial1,200,000 SF
Financed 11/19/2024
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FINANCED

PGIM Provides $129.1 Million Refinance Loan For Box Park Logistics Center In Cinnaminson

995 Taylors Lane

See Similar Deals
Industrial1,200,000 SF
Financed 11/19/2024
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Summary

NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$107
Total Square Footage:1,200,000 SF
Transaction Type:Loan

The asset involved in the transaction is Box Park Logistics Center, located at 995 Taylors Lane in Cinnaminson, New Jersey. This industrial property spans 1,200,000 square feet and features a 40-foot clear height, an ESFR sprinkler system, and parking accommodations for 549 cars and 216 trailers, with the option for expansion. The loan amount is $129,100,000 designated for refinancing purposes.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $129,100,000
  • Asset Size: 1,200,000 SF
  • Address: 995 Taylors Lane
  • Market: Cinnaminson
  • Lender: PGIM
  • Landlord: James Martell - Logistics Property Co.
  • Loan Type: Refinance

The key individuals in this transaction include James Martell, who acts as the landlord, representing Logistics Property Co. The lender involved is PGIMReal Estate, which has facilitated the refinancing of the property, reflecting its value in the industrial market.

Players

LENDER

Details

FINANCED
IMAGE: James Martell DATE: 11/19/2024 ADDRESS: 995 Taylors Lane MARKET: Cinnaminson ASSET TYPE: Industrial ~ SF: 1,200,000 LENDER: PGIM (@PGIM) LANDLORD: James Martell (@JamesgMartell) - Logistics Property Co. (@LogisticsPropCo) LOAN AMOUNT: $129,100,000 LOAN TYPE: Refinance NOTE: PGIM Real Estate has issued a $129.1 million loan for the refinancing of Box Park Logistics Center, a 1.2 million-square-foot industrial property in Cinnaminson, New Jersey. The property, developed by Chicago-based Logistics Property Co., features a 40-foot clear height, an ESFR sprinkler system, and parking for 549 cars and 216 trailers, with potential for expansion. 3LogisticsPropertyCo

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$129,100,000.00

Monthly NOI$860,666.67
Monthly Debt Service$815,999.82
Change in Cash Flow$0.00
Refinance Proceeds$0.00