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EXP Group secures $47M permanent debt to refinance N.J. logistics asset
The 300,015-square-foot property in North Bergen spans 35 acres and is fully occupied, serving as EXP Group’s Northeast headquarters and distribution hub.
Commercial Observer reports that wholesale product company EXP Group has secured $47 million in permanent debt to refinance an industrial asset in northern New Jersey.
Citizens Bank provided the financing for the 2500 83rd Street logistics property in North Bergen, a 300,015-square-foot facility on 35 acres. Ripco Real Estate arranged the transaction, with the lender and deal team working through the process despite what the outlet described as a challenging lending environment.
The property is a single-story industrial facility that is 100 percent occupied. Commercial Observer says it has served as EXP Group’s Northeast headquarters and distribution hub, alongside other industrial tenants.
According to Ripco, the asset benefits from its location in a supply-constrained industrial market with access to major transportation corridors and ports. Ripco managing director James Murad said high-quality industrial assets with strong sponsorship continue to attract lender interest even as financing conditions remain difficult.