RUTHERFORD, N.J.--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK) announced that the real estate services firm served as the exclusive adviser to Lincoln Equities Group in the procurement of $115 million in industrial build-to-suit construction financing for Highland Cross, a 360,000-square-foot Class A industrial facility in Rutherford, New Jersey. The loan was provided by PCCP, LLC.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut, TJ Sullivan and Zachary Kraft represented the borrower.
“Highland Cross presented lenders with a terrific opportunity to finance the construction of a state-of-the-art, fully pre-leased, Class A distribution center located in the heart of the Meadowlands industrial market,” said Alascio. “We experienced a competitive process and PCCP provided a seamless execution for our client at highly attractive terms.”
“We are thrilled to close another loan through Cushman & Wakefield and to further expand our relationship with the Lincoln Equities team,” said Ryan Dodge, Senior Vice President with PCCP. “This loan was an exciting opportunity to further invest in the Northern New Jersey industrial market.”
Highland Cross is located in Rutherford in Bergen County at the crossroads of the New Jersey Turnpike (I-95) and NJ Routes 3 and 17. The facility will measure approximately 360,000 square feet and is 100% pre-leased to an investment grade logistics tenant. Offering convenient access to New York City, the Port of NY/NJ and 18 million consumers within a one-hour drive, Highland Cross is optimally positioned to capitalize on the sustained growth in demand for “last-mile” industrial product proximate to consumers, labor and infrastructure.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Lincoln Equities Group
Lincoln Equities Group LLC (LEG) was established in 1980 and has become one of the Northeast’s leading full-service real estate companies. LEG currently owns, operates and manages over 5 million square feet of R&D, industrial and office properties throughout the Tri-State area. The Company is currently building over 5 million square feet of industrial space in New York and New Jersey and recently entitled 2.4 million square feet of industrial in Piscataway, New Jersey. Since 2000, LEG has completed over 40 acquisitions and dispositions totaling more than $3.0 billion of deal volume.
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $12.8 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 22-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $25.2 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.