(To read more on the debt and equity markets, click hereto readmore on the industrial market, click here.)
KEARNY, NJ-Saw Mill Park LLC, an affiliate of theHackensack-based Russo Development, has obtained financing totaling$16 million for the first phase of its Saw Mill Park industrialcomplex here. Work began on a spec basis in mid-2004 on the211,000-sf first phase of the park covered by the financing.
The funding was provided by Principal Global Investors in atransaction arranged by James Gunning and Donna Falzarano of theNew Jersey office of CBRE/Melody. "The lender provided the borrowerwith a forward commitment for a speculative property," Gunningsays. "The building was leased during the construction phase."
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