New Brunswick, NJ — Byline Bank’s Commercial Real Estate Group (BCREG) has closed on a $13.6M loan for the acquisition of a 6.4-acre industrial outdoor storage site in New Brunswick. This is BCREG’s first loan with borrower Ridgecut Road and their institutional equity partner.
The property, located at 107 How Ln., includes three buildings that offer 35,800 s/f of office, maintenance and industrial space. The location is strategically situated 30 miles from the Port of New York & New Jersey, the largest port on the East Coast and one of the most active industrial hubs in the US.
“Industrial outdoor storage is a newer asset class that has gotten the attention of many institutional equity groups. We’re happy to support Ridgecut Road’s latest development in the sector,” said Joanne Campanile, senior vice president for Byline’s Commercial Real Estate Group.
“We are excited to add this irreplaceable, low-coverage industrial property to our growing portfolio of industrial assets in the NJ/NYC market,” said Eric Shalek, co-founder and principal of Ridgecut Road. His twin brother and partner, Scott Shalek, added, “107 How Lane is an extremely well-located asset that is functionally laid out and offers versatility for a deep pool of tenants in the industrial market. It is mission-critical real estate that serves as the backbone of our supply chain. However, you cannot find or develop assets like it today.”
“JLL is pleased to have secured acquisition financing on Ridgecut Road’s behalf. Byline Bank is well-versed in the IOS space and quickly understood the attributes that the property provides existing and potential tenants, its exceptional location and the sponsor’s experience in the space,” said Michael Klein, senior managing director at JLL, the broker on the loan. “As a result, Byline was able to provide loan terms that best met the borrowers needs and will be an excellent relationship for Ridgecut as they reposition the asset.”