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Citizens Bank Refis N.J. Industrial Property With $47M Loan
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Commercial Observer
Produce company EXP Group has landed $47 million of permanent debt to refinance an industrial asset in northern New Jersey, Commercial Observer has learned.
Citizens Bank provided the loan on the 300,015-square-foot logistics property at 2500 83rd Street in North Bergen, N.J.Ripco Real Estate arranged the transaction with a team consisting of Adam Hakim, Michael Winter and James Murad.
Situated on 35 acres, 2500 83rd Street features a single-story, 100 percent-occupied industrial facility that served as EXP Group’s Northeast headquarters and distribution hub along with other industrial tenants.
The property benefits from being in a supply-constrained industrial market with access to major transportation corridors and ports, according to Ripco.
EXP Group and Citizens Bank did not immediately return requests for comment.