Stro Cos. Completes $50M+ Financings

RIDGEWOOD, NJ—The Stro Companies completed more than $50 million in commercial real estate loans in six transactions during the summer. The transactions included acquisition financing for 34 Fairfield Place and 22 Law Drive, in Fairfield, NJ, which were both purchased vacant, for $3.1 million and $2.9 million respectively.

“Stro's record ofsuccess, repositioning, leasing and managing industrial properties made these loans very attractivetolenders,” says Michael Lachs, director of finance and investments.

Four of the loans were properties the company refinanced.

“We have great performing properties that are generational holds for us, so taking advantage of favorable long-termrates made a lot of sense,” says Steven Millstein, president. Three of the loans were refinanced with Mutual of Omaha, a new lending relationship for The Stro Companies.

The largest loan was $19 million for 174 Delawanna Avenue in Clifton, a 220,000 square-foot, state-of-the-art 50 percent refrigerated distribution center, refinanced with the New Jersey-based Lakeland Bank. 174 Delawanna Avenue will be available for lease in late 2016. The second largest loan was $14 million with Mutual of Omaha, followed by a $6 million financing for 565 Winsor in Secaucus.

Founded in 1994 by Millstein, The Stro Companies maintains a portfolio of more than 1.5 million square feet of investments in industrial, flex industrial, office andmulti-familyproperties. Stro actively pursues new “Value-Add” small to medium size industrial realestateacquisitions in the Northern New Jersey Market. The company also invests in commercialrealestate opportunities throughout the UnitedStates.