Bridge Development Secures $20M Loan for New Industrial Project

Bridge Development Partners, the Chicago, IL-based real estate developer, has secured a $20.1 million senior secured construction loan provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. The funds will be used to construct a new Class A distribution building in Union, NJ. Terms of the transaction were not disclosed.

Matt Galligan, President of CIT Real Estate Finance, said in a statement, "We like the New Jersey industrial market as it is favorably positioned with easy access to New York City and serves as a central location between Boston and Washington DC. We're pleased to provide this financing to Bridge Development Partners and look forward to their continued growth on the East Coast."

"Activity at the Port of NY/NJ remains strong. Stabilized demand and strong market fundamentals continue to drive confidence in NJ's industrial market and growth within the Port submarket," added Steve Reedy, Managing Director of CIT Real Estate Finance. "We are pleased to put our commercial real estate expertise and knowledge to work for Bridge Development Partners and look forward to expanding this relationship."

Jeff Milanaik, Principal of Bridge Development Partners, said, "We're excited to begin construction of this Class A property which furthers our continued expansion on the East Coast. New Jersey is a leading destination for businesses coveting centrally located industrial space along the northeast seaboard. This state-of-the-art facility will be located within 4 miles of the Newark Liberty International Airport and the New Jersey Turnpike, and within 6 miles of the NY/NJ Port, with direct access from both I-78 and the Garden State Parkway. We value CIT's market knowledge and ability to timely complete this transaction."

For more news and information visit Blumberg Partners.

Bridge Point - Port 95 Sold for $27M

The Bridge Point - Port 95 Industrial Complex in Dania Beach, Florida traded hands this month as the developer, Bridge Development Partners, sold the new industrial property for $26.6 million. The 535,200-square-foot property was purchased by MSG Dania Beach, led by Saul Gilinski, formerly a director of Premier Asset Management. Cushman & Wakefield marketed the property and represented the seller in the transaction; full terms of the deal were not disclosed. According to a South Florida Business Journal article, Bridge Development paid $7.55 million in May 2013 for the 12.3-acre site and secured a $13.9 million loan from Wells Fargo Bank to launch construction.

"The Port 95 area is the best location in Broward County. Located in Southeast Broward, it is the tightest industrial submarket with a 3Q14 vacancy rate of only 4.2%. The reason why Port 95 is so desirable is its close proximity to Port Everglades and the Ft. Lauderdale/Hollywood International Airport. In addition, there is immediate access to I-95, I-595 and Florida's Turnpike, with I-75 and the Sawgrass Expressway only minutes away," Chris Metzger of C&W said.

The two Class A buildings are institutional quality, 32-foot clear industrial facilities, and were designed to accommodate tenants ranging from 20,000 - 100,000 SF.

For more news and information visit Blumberg Capital Partners.