{"id":1004305244,"date":"2019-03-05T01:35:45","date_gmt":"2019-03-05T09:35:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004305244"},"modified":"2021-09-10T10:04:05","modified_gmt":"2021-09-10T18:04:05","slug":"nj-logistics-properties-land-52m-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nj-logistics-properties-land-52m-financing\/","title":{"rendered":"NJ Logistics Properties Land $52M Financing"},"content":{"rendered":"<div id=\"attachment_1004305256\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Bergen-Logistics-Merge.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004305256\" data-attachment-id=\"1004305256\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nj-logistics-properties-land-52m-financing\/bergen-logistics-merge\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Bergen-Logistics-Merge.jpg\" data-orig-size=\"1000,775\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"5903 Westside Ave.\" data-image-description=\"&lt;p&gt;5903 Westside Ave.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;5903 Westside Ave.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Bergen-Logistics-Merge.jpg?w=1000\" class=\"wp-image-1004305256 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Bergen-Logistics-Merge.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Bergen-Logistics-Merge.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Bergen-Logistics-Merge.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Bergen-Logistics-Merge.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004305256\" class=\"wp-caption-text\">5903 Westside Ave.<\/p><\/div>\n<p>Bergen Shippers Corp. has received a total of $51.5 million in financing for its Westside Avenue warehouses in North Bergen, N.J. JPMorgan Chase provided a $44 million senior mortgage and a $7.5 million line of credit, which will be used to refinance two prior debts and the acquisition of new equipment.&nbsp;The owner also plans to build a new logistics warehouse on the site of the property&#8217;s parking lot.&nbsp;<\/p>\n<p>The largest structure, located at 5903 Westside Ave., encompasses 600,000 square feet and was completed in 1987 for fashion designer Liz Claiborne. Bergen Logistics, a subsidiary of the owner, has been using the building as a fashion logistics center for more than 20 years. The other development is the single-story, 130,000-square-foot 7300 Westside Ave., also owned, managed and occupied by Bergen Logistics.&nbsp;<\/p>\n<p>A Cushman &amp; Wakefield Equity, Debt &amp; Structured Finance team comprising John Alascio, Mark Ehlinger and TJ Sullivan served as exclusive advisors for Bergen Shippers Corp. alongside industrial leasing specialist Bonni Heller. Last month, the brokerage company <a href=\"https:\/\/www.commercialsearch.com\/news\/ivy-realty-obtains-41m-for-nj-portfolio-purchase\/\">facilitated financing for the acquisition<\/a> of an&nbsp;industrial portfolio in Somerset County, N.J.<\/p>\n<p>\u201c<em>We were able to leverage the tremendously strong debt capital markets environment for high-quality New Jersey industrial product proximate to New York City to create a compelling and competitive market<\/em>,\u201d Alascio said in a prepared statement.<\/p>\n<p><em>Image courtesy of Cushman &amp; Wakefield<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The loan comprises a senior mortgage and a line of credit, which will pay off existing debt and facilitate the acquisition of equipment and the construction of an additional warehouse.<\/p>\n","protected":false},"author":741,"featured_media":1004305256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21748,1600,21742,10],"tags":[32799,33915,35274],"class_list":["post-1004305244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-industrial","category-new-york","category-latest","category-northeast","tag-cushman-wakefield","tag-john-alascio","tag-jpmorgan-chase"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NJ Logistics Properties Land $52M Financing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nj-logistics-properties-land-52m-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NJ Logistics Properties Land $52M Financing\" \/>\n<meta property=\"og:description\" content=\"The loan comprises a senior mortgage and a line of credit, which will pay off existing debt and facilitate the acquisition of equipment and the construction of an additional warehouse.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nj-logistics-properties-land-52m-financing\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-05T09:35:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-10T18:04:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Bergen-Logistics-Merge.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"775\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Corina Stef\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nj-logistics-properties-land-52m-financing\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nj-logistics-properties-land-52m-financing\\\/\"},\"author\":{\"name\":\"Corina Stef\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/73262f140f4b0a11baea2dd6f27beadf\"},\"headline\":\"NJ Logistics Properties Land $52M Financing\",\"datePublished\":\"2019-03-05T09:35:45+00:00\",\"dateModified\":\"2021-09-10T18:04:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nj-logistics-properties-land-52m-financing\\\/\"},\"wordCount\":237,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nj-logistics-properties-land-52m-financing\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2019\\\/03\\\/Bergen-Logistics-Merge.jpg\",\"keywords\":[\"Cushman &amp; 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