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PATERSON, NJ-J & K Ingredients, a food processing company that makes ingredients for the wholesale and retail baking industries, has acquired a 39,000-sf industrial facility to house its operations here. The company is moving over from its existing 16,000-sf facility in nearby Clifton, NJ, according to company president Jim Sausville.

While full details of the sale transaction have not been disclosed, the new facility is being acquired with the help of a New Jersey EDA-approved $1.6 million tax-exempt bond issue. Of that total, $1.3 million is for 146 East 5th St. LLC, a related real estate holding company, to buy the building. The balance is being applied to fit out the facility with new processing equipment.

“As a food processor, J&K Ingredients is a manufacturer and is therefore eligible for tax-exempt bond financing,” according to Al Koeppe, chairman of the EDA. “Low-cost, tax-exempt bond assistance is available to manufacturing businesses and to non-profit organizations.”

In this case, Greater Community Bank of Totowa, NJ purchased the bond issue, which carries an initial interest rate of 4%.

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