The Real Deal New York

Pair of North Bergen industrial properties totaling 730K sf secure $52M refinancing

March 05, 2019 02:03PM

Two warehouses in North Bergen occupied by global fashion industry distributor Bergen Shippers are being refinanced with $51.5 million from JPMorgan Chase, according to the Commercial Observer. Cushman & Wakefield equity, debt and structured finance experts John Alascio, Mark Ehlinger and T.J. Sullivan arranged the debt for Bergen Shippers, along with industrial leasing specialist Bonni Heller. The outlet reported that JPMorgan provided $44 million via a 10-year loan to refinance separate mortgages on industrial properties totaling 730,000 square feet at 5903 Westside Avenue and 7300 Westside Avenue in North Bergen. Cushman said 5903 Westside, a 600,000-square-foot fashion logistics center for Bergen Shipping’s Bergen Logistics, was built in 1987 for Liz Claiborne. The financing includes a $7.5 million line of credit. [CO]