Bar-Or, Strongwater, and Brown of Lantern Real Estate arrange $25.85 million acquisition loan

Hackensack, NJ Lantern Real  Estate has arranged a $25.85 million  acquisition loan for a ten-acre industrial parcel. The real estate advisory firm secured the financing from Webster Bank.

The property, owned by a partnership between a global private equity fund and a large, locally based industrial operator, is located at 514-520 South River St. The partners’ identities were not disclosed.

Lantern’s client had acquired the asset after more than two years of direct negotiations with the property’s seller. Shortly thereafter, the new owners proceeded to lease the entire site to one of the world’s largest e-commerce and logistics companies for use primarily as a parking facility. The execution of this lease had set the stage for an attractive permanent loan from Webster.

The loan enabled Lantern’s client to generate a return of equity, within months of closing on the acquisition of the property, company officials said. Lantern also indicated that the deal had been closed at one of most aggressive interest rates available in today’s real estate market.

“Facilitated in part by Lantern’s long-term relationship with Webster Bank,” said Tal Bar-Or, principal and co-founder of Lantern Real Estate, “our client achieved highly attractive financing and seamless execution.”

“All parties recognized the value of this rare and highly desirable industrial asset,” said David Strongwater, a Lantern partner. “This Hackensack site’s distinctive geography and size make it an unusually compelling ‘last-mile’ facility.”

“The best-in-class sponsorship, tenancy, and prime location of this asset allowed Lantern to pursue financing options with a select group of competitive lenders,” said Bar-Or. “This generated superior results for our client.”

The loan was closed by Bar-Or, Strongwater, and Harris Brown, a Lantern associate.