Lantern Real Estate has arranged a $25.85 million acquisition loan for a 10-acre industrial parcel in Hackensack, New Jersey. The real estate advisory firm secured the financing from Webster Bank.
“Facilitated in part by Lantern’s long-term relationship with Webster Bank, our client achieved highly attractive financing and seamless execution,” said Tal Bar-Or, principal and co-founder of Lantern Real Estate.
The property, owned by a partnership between a global private equity fund and a large, locally-based industrial operator, is situated within minutes of Manhattan at 514-520 South River Street. The partners’ identities were not disclosed.
“All parties recognized the value of this rare and highly desirable industrial asset,” said David Strongwater, a Lantern partner. “This Hackensack site’s distinctive geography and size make it an unusually compelling ‘last-mile’ facility.”
Lantern’s client had acquired the asset after more than two years of direct negotiations with the property’s seller. Shortly thereafter, the new owners proceeded to lease the entire site to one of the world’s largest e-commerce and logistics companies for use primarily as a parking facility. Lantern also indicated that the deal had been closed at one of most aggressive interest rates available in today’s real estate market.
The loan was closed by Bar-Or, Strongwater and Harris Brown, a Lantern associate.