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Longpoint Partners Secures $63.5 Million Construction Loan From PGIM For Totowa Commerce Center

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FINANCED
$63,500,000

New Jersey

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Industrial448,224 SF
Financed 08/26/2024
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Property Image
FINANCED

Longpoint Partners Secures $63.5 Million Construction Loan From PGIM For Totowa Commerce Center

999 Riverview Drive

See Similar Deals
Industrial448,224 SF
Financed 08/26/2024
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$141
Total Square Footage:448,224 SF
Transaction Type:Loan

The asset involved in this transaction is the Totowa Commerce Center, an industrial park located at 999 Riverview Drive in Totowa. The property encompasses a total square footage of 448,224, consisting of 10 buildings and accommodating 39 tenants. Longpoint Partners acquired this property through a construction loan of $63.5 million provided by PGIM Real Estate.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $63,500,000
  • Address: 999 Riverview Drive
  • Market: Totowa
  • Lender: Michelle Liu - PGIM
  • Landlord: Dwight Angelini - Longpoint Partners
  • Loan Type: Construction

The financing arrangement was facilitated by Michelle Liu, representing PGIM Real Estate, which provided the acquisition financing necessary for Longpoint Partners, led by Dwight Angelini, to complete the purchase from Heritage Capital Group.

Players

PGIM
PGIM
LENDER

Details

FINANCED
IMAGE: Michelle Liu & Dwight Angelini DATE: 08/26/2024 ADDRESS: 999 Riverview Drive MARKET: Totowa ASSET TYPE: Industrial ~ SF: 448,224 LENDER: Michelle Liu - PGIM (@PGIM) LANDLORD: Dwight Angelini - Longpoint Partners (@LongpointPartners) LOAN AMOUNT: $63,500,000 LOAN TYPE: Construction NOTE: Longpoint Partners secured $63.5 million in acquisition financing from PGIM Real Estate for the purchase of Totowa Commerce Center, a 448,224-square-foot industrial park in northern New Jersey. The fixed-rate loan will support Longpoint’s acquisition of the property, which includes 10 buildings and 39 tenants, from Heritage Capital Group.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$63,500,000.00

Monthly NOI$423,333.33
Monthly Debt Service$401,363.19
Change in Cash Flow$0.00
Refinance Proceeds$0.00