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Keystone Equities secures $60.5M refi for Newark industrial site
The $60.5 million senior bridge loan supports a plan to reposition the 51-acre site at 151 Raymond Boulevard into an industrial outdoor storage (IOS) facility with truck and trailer parking plus container and EV and solar charging infrastructure.
Keystone Equities secured $60.5 million to refinance a 51-acre industrial site in Newark, New Jersey, with the property planned to be repositioned as an industrial outdoor storage, or IOS, site, Commercial Observer reports. The debt was structured as a senior bridge loan.
Commercial Observer says the deal required additional diligence because the site is under active environmental remediation and the borrower had not yet obtained a certificate of occupancy before closing. Keystone Equities CEO and founder Jonathan Zamir said traditional lenders declined to underwrite the risk, and the firm structured the financing around those risks.
The property is located at 151 Raymond Boulevard and is described as a former PSEG site near Port Newark-Elizabeth and New York City. Keystone Equities says the IOS development will include parking for trucks and trailers, a container garage for shipping, and electric vehicle and solar charging stations.
CBRE data cited by Commercial Observer indicates IOS vacancy in Northern New Jersey is 2.5 percent, while rents have increased 123 percent since 2020. Keystone Equities also said the transaction adds to its deployed capital of $660 million since August 2023.