{"id":1004667540,"date":"2023-06-13T02:36:36","date_gmt":"2023-06-13T10:36:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004667540"},"modified":"2023-06-13T05:08:20","modified_gmt":"2023-06-13T13:08:20","slug":"pgim-jv-obtains-180m-loan-for-new-jersey-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pgim-jv-obtains-180m-loan-for-new-jersey-project\/","title":{"rendered":"PGIM JV Obtains $180M Loan for New Jersey Project"},"content":{"rendered":"

Affinius Capital<\/strong> LLC has originated a $180 million loan to finance the ground-up development of Garden State Logistics Center, a 1.7 million-square-foot industrial complex currently under construction in Pennsville Township, N.J.<\/p>\n

The borrower\/developer is a joint venture of PGIM Real Estate<\/strong> and CTR Partners<\/strong>, an industrial real estate investment and development company led by James Watson, Dominic Petrucci and Carter Ewing.<\/p>\n

The Garden State Logistics Center is on I-295 and adjacent to the Delaware Memorial Bridge, minutes to I-95 and able to serve 66 million consumers within a one-day truck drive.<\/p>\n

\"Garden<\/a>

Garden State Logistics Center. Image cour<\/em>tesy of Affinius Capital LLC<\/p><\/div>\n

The project\u2019s two distribution buildings measure 1.2 million and 512,442 square feet; both feature 40-foot clear heights and either cross-dock or front-loaded configurations. The 282-acre site will also accommodate 2,568 car and trailer parking spaces and a total of 276 dock doors. Vertical construction has begun, and delivery is scheduled for the fourth quarter.<\/p>\n

\n

READ ALSO<\/strong>: Forging Stronger Links in the Supply Chain<\/a><\/p>\n

\n

In a prepared statement, Affinius Capital Managing Director David Greenburg highlighted the market\u2019s strong industrial fundamentals and the site\u2019s strategic position along major thoroughfares that allow tenants convenient access to the country\u2019s densest populations, including Philadelphia, Washington, D.C., and New York City.<\/p>\n

The project was first announced<\/a> in May of last year. The site was previously home to a coal-fired power plant and had to be remediated according to a plan approved by the New Jersey Department of Environmental Protection.<\/p>\n

Affinius Capital was previously known as USAA Real Estate<\/strong> and as Square Mile Capital Management<\/strong>. It\u2019s an integrated institutional real estate investment firm with $34 billion in net assets under management and a diversified portfolio across North America and Europe.<\/p>\n

Even more space?<\/h2>\n

Warehouse and distribution space in the Salem County, N.J., (metro Philadelphia) industrial market has a total availability of 29.3 percent on an inventory of about 6.4 million square feet, according to a first-quarter report from JLL<\/strong>.<\/p>\n

Even so, a remarkable total of nearly 2.7 million square feet of further space is currently under construction in Salem County, JLL also reported.<\/p>\n","protected":false},"excerpt":{"rendered":"

This suburban Philadelphia logistics facility is scheduled for delivery in the fourth quarter.<\/p>\n","protected":false},"author":882,"featured_media":1004667557,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21748,21742,10],"tags":[52016,32796,34714,33318,44930],"class_list":["post-1004667540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-industrial","category-latest","category-northeast","tag-affinius-capital","tag-jll","tag-pgim-real-estate","tag-square-mile-capital-management","tag-usaa-real-estate"],"acf":[],"yoast_head":"\nPGIM JV Obtains $180M Loan for New Jersey Project - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Affinius Capital LLC has originated a $180 million loan to finance the Garden State Logistics Center project in Pennsville Township, N.J.\" \/>\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\/pgim-jv-obtains-180m-loan-for-new-jersey-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PGIM JV Obtains $180M Loan for New Jersey Project\" \/>\n<meta property=\"og:description\" content=\"Affinius Capital LLC has originated a $180 million loan to finance the Garden State Logistics Center project in Pennsville Township, N.J.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pgim-jv-obtains-180m-loan-for-new-jersey-project\/\" \/>\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=\"2023-06-13T10:36:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-13T13:08:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Garden-State-Logistics-Center-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pgim-jv-obtains-180m-loan-for-new-jersey-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pgim-jv-obtains-180m-loan-for-new-jersey-project\/\",\"name\":\"PGIM JV Obtains $180M Loan for New Jersey Project - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pgim-jv-obtains-180m-loan-for-new-jersey-project\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pgim-jv-obtains-180m-loan-for-new-jersey-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Garden-State-Logistics-Center-featured.jpg\",\"datePublished\":\"2023-06-13T10:36:36+00:00\",\"dateModified\":\"2023-06-13T13:08:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"Affinius Capital LLC has originated a $180 million loan to finance the Garden State Logistics Center project in Pennsville Township, N.J.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pgim-jv-obtains-180m-loan-for-new-jersey-project\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/pgim-jv-obtains-180m-loan-for-new-jersey-project\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pgim-jv-obtains-180m-loan-for-new-jersey-project\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Garden-State-Logistics-Center-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Garden-State-Logistics-Center-featured.jpg\",\"width\":800,\"height\":600,\"caption\":\"Garden State Logistics Center. 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