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211-215 South Newman St. in Hackensack
By Joshua Burd
The STRO Cos. has secured an $11 million loan to refinance an 81,000-square-foot industrial park in Hackensack.
According to the Ridgewood-based firm, Valley Bank provided the financing in connection with the property at 211-215 South Newman St. in Hackensack. The deal follows the recent addition of several long-term tenants to the multibuilding complex, which sits directly off Interstate 80, including Diaz Wholesale, Mittera Group and John Mini Distinctive Landscapes.
“It was great to see this project reach a successful conclusion and provide another opportunity to work with Valley,” said Jack Shulman, STRO’s senior director of acquisitions and capital markets. “Valley was a great partner in refinancing this asset due to their ability to move fast and understanding of industrial assets. We are pleased to have partnered with them on another transaction and look forward to others in the future.”
Shulman represented STRO in the deal at 211-215 South Newman, which provides tenants with 15-foot clear ceiling heights, three drive-in doors, 11 docks and ample parking for trailers and employees.
“We are excited to expand and deepen our longstanding relationship with The STRO Companies,” said Brian Tish, deputy department head of commercial real estate north for Valley. “Successful collaboration is made easy when organizations share similar viewpoints on investment asset classes and the geographic markets for which they operate within.”
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