Washington Trust provides $18.55 million for 13-property portfolio in Clark, N.J.

Clark, NJ Washington Trust’s Commercial Real Estate Group recently provided $15.4 million in financing to Clark Commercial Center, LLC for the acquisition of a 13-property portfolio. An additional $3.15 million in construction financing has also been reserved for capital and tenant improvements to the properties.

Located in a suburb 20 miles southwest of Manhattan and 13 miles southwest of Newark, each of the 13 properties are close to one another on Central, Terminal and Westfield Aves. The portfolio consists primarily of industrial flex space, comprising 8 of the properties, with 2 retail properties, 2 single-family residences and a vacant lot also included. In total, the portfolio includes 283,000 s/f. Four of the properties are currently leased to L’Oreal Products.

“Our clients have assembled a unique portfolio with a diverse tenant base in the well located town of Clark,” said Julia Anne Slom, senior vice president and team leader of Washington Trust’s Commercial Real Estate Group. “We are pleased to finance this first transaction with them and hope to expand our relationship within their footprint.”

Clark Commercial Center, LLC is owned by The Denholtz Group, who serve as managing partner, and MB1 Capital Partners, a private real estate investment company based in Belmar, N.J.

Washington Trust’s Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects.