Hamilton Industrial Project secures $61 million in construction financing

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After purchasing the 48-plus acre Hamilton property in January, Lincoln Equities Group recently secured construction financing to bring a 420,024-square-foot industrial asset to 861 Sloan Ave.

Cushman & Wakefield served as exclusive advisor to LEG of East Rutherford in procuring $60.8 million in construction financing for the project. PCCP provided the loan, according to a July 17 announcement from CushWake.

The funding highlights the continued appeal of new industrial products in accessible areas. Lincoln Equities Group’s plans call for a building with 40-foot clear heights, 84 loading docks, two entrance doors and parking for 556 cars and 81 trailers.

LEG acquired the development site with PGIM in a deal that was also arranged by Cushman & Wakefield. At the time, the commercial real estate services firm provided a project delivery time of 24 months.

A Cushman & Wakefield Equity, Debt & Structured Finance team consisting of Vice President John Alascio, Senior Directors Chuck Kohaut and TJ Sullivan and Associate Jason Blankfein represented the borrowers.

Attractive for investors

“This transaction underscores the strong demand for high-quality industrial assets in strategic locations,” Alascio said. “The proximity of 861 Sloan Ave. of key ports and major highways, along with a strong local consumer base, make it an attractive opportunity for investors.”

The property is adjacent to Interstate 295 exit 65A. Offers multiple entry/exit points along Sloan Avenue with full access around the perimeter of the property. Routes 1, 29, 33, 130 and 206 are a short drive away, as is Interstate 95. The site is also within walking distance of the New Jersey Transit Hamilton Station and not far from the Ports of Philadelphia and Newark-Elizabeth.

The surrounding area is home to a number of global logistics operators including DHL, Colgate, FedEx and USPS.

In 2021, Hamilton City Council deemed the former home of Congoleum Corp.’s flooring manufacturing complex. of 1 million square meters is an area that needs redevelopment. In August 2023, the zoning board unanimously granted final site plan approval for the industrial project.

According to Lincoln Equities Group, the full-service real estate company currently has 4.5 million square feet under development; of this, more than 2 million square meters represent modern and future industrial space.