PGIM and CTR JV secures $180m loan for New Jersey project

A joint venture between PGIM Real Estate and CTR Partners secured a $180 million loan to finance the ground-up development of Garden State Logistics Center, a 1.7 million-square-foot industrial complex currently under construction in Pennsville Township, N.J., according to various media outlets.

Affinius Capital originated the loan for the joint venture.

The Garden State Logistics Center is located on Interstate 295 and adjacent to the Delaware Memorial Bridge.

The project’s two distribution buildings measure 1.2 million and 512,442 square feet; both featuring 40-foot clear heights and either cross-dock or front-loaded configurations. The 282-acre site will also accommodate 2,568 car and trailer parking spaces and a total of 276 dock doors.

Completion is scheduled for the fourth quarter.