Newmark, on Tuesday, played a crucial role by arranging a significant $135 million loan. This loan was facilitated on behalf of Related Fund Management, Onyx Equities, and Russo Development. The funds are dedicated to the construction of High Point on 10, a remarkable Class A build-to-suit cold storage and industrial development facility. Last month, the joint venture broke ground on this project in East Hanover, setting the stage for its growth.

Financing Arrangement and Partners

Newmark's Jordan Roeschlaub, Jonathan Firestone, and Nick Scribani demonstrated their expertise by securing the financing on behalf of their clients. The financing was obtained from Ares Commercial Real Estate Management. This collaborative effort showcases the strength and capabilities of Newmark in the real estate financing space.

Details of the Development Facility

High Point on 10 is set to offer an impressive approximately 584,000 square feet of cold storage and industrial space. Strategically located on a premier infill site, it provides immediate access to the entire New York City metro area. With more than 13.5 million people within a 30-mile radius, it offers excellent connectivity and potential for growth.RealCold has leased the 380,000-square-foot cold storage component of the facility. This partnership highlights the significance of the project and the trust placed in it by RealCold.

Impact on RealCold's Platform

Roeschlaub emphasized that this financing package will be a game-changer for RealCold. It will enable the continued expansion and success of their platform across the United States. With a portfolio spanning approximately 1.6 million square feet and nearly 180,000 pallet positions, RealCold is already a major player in the cold storage industry. Upon the completion of High Point on 10, they will be able to serve an even larger customer base.Specifically, they will be capable of servicing 48% of the U.S. population within one day and 97% within two days. This demonstrates the strategic importance and wide reach of the facility.