Mesa West Capital Originates $53.5 Million Construction Loan on New Jersey Industrial Development

NEW YORK - Jan. 8, 2024 - PRLog -- Mesa West Capital has provided Bridge Industrial a $53.5 million construction loan for Bridge Point 999, a new 291,758-square-foot industrial building in South Brunswick, NJ.

The state-of-the-art logistics building will be built on a 26.6-acre parcel located at 999 Cranbury S. River Road in New Jersey's 78 million-square-foot Exit 8A industrial submarket.  The Exit 8A submarket boasts one of the tightest market vacancies across Central New Jersey with a 4.6% vacancy rate, according to CoStar data.

The property is immediately adjacent to I-95 (New Jersey Turnpike), the principal north/south arterial between Maine and Florida. This strategic location is within a one day's truck drive of 40% of the U.S. population.  Additionally, the property benefits from its proximity to two important ports on the East Coast: the Port of New York and New Jersey, one of the busiest ports in the United States; and the Port of Philadelphia.

Upon completion, which is currently expected in the second quarter of 2024, the rear-load logistics building will feature 40-foot clear heights, expansive column spacing, 47 loading doors, two drive-in doors, 130-foot truck courts, 49 trailer parking stalls and 181 car parking spots.

"This opportunity allows us to provide financing for state-of-the-art, class-A industrial product to a leading sponsor in a highly strategic submarket," said Mesa West Capital Vice President Brian Hahn who helped lead the New York and Chicago-based origination team along with Executive Director Matt Snyder and Analyst Jacob Rosen. "Furthermore, within the 8A submarket market there remains a shortage of modern distribution centers between 100,000 and 300,000 square feet.  This points to high market demand for this undersupplied industrial product."

The financing was arranged by Steve Roth and Ryan Kieser from CBRE's Chicago office.

About Mesa West Capital, LLC
Mesa West Capital (http://www.mesawestcapital.com) is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago and San Francisco, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-added or transitional properties throughout the United States. Mesa West's lending portfolio includes all major property types with loan sizes ranging from $20 million up to $400 million. Since inception, the firm has sourced and closed more than 300 transactions totaling over $20 billion.