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NORTH BRUNSWICK, NJ-1600 Route 1 Holdings LLC, a local group, has obtained an $11.7 million interim/bridge loan for its 654,375-sf 1600 Route 1. The bulk distribution warehouse is currently 80% leased to USA Metro Inc. and Achim Importing Co., while Brunswick Toyota and Church & Dwight lease land within the site.

The loan was arranged by Jon Mikula and Jim Cadranell of the Edison, NJ office of Holliday Fenoglio Fowler, the national capital intermediary. The source of the funding and other terms of the transaction were not disclosed.

“Through our marketing of this financing, we were able to secure a structured earn-out feature that rolls into a permanent fixed rate loan,” according to Cadranell.

Located on 42.2 acres accessible to Routes 9 and 18, I-287, the Garden State Parkway and New Jersey Turnpike, the asset recently underwent a capital improvement program, including a new sprinkler system, new roof and upgraded parking.

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