Related Fund Management, Onyx Equities and Russo Development have secured a $135 million loan to fund the construction of High Point on 10, a class A build-to-suit cold storage and industrial development facility in East Hanover, N.J. Newmark secured the financing on their behalf from Ares Commercial Real Estate Management.
High Point on 10 will offer approximately 584,000 square feet of cold storage and industrial space, located on a premier infill site with immediate access to the entire New York City metro area and more than 13.5 million people within a 30-mile radius. RealCold will lease the 380,000-square-foot cold storage component of the facility.
