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$70M Financing Will Spur Plant's Redevelopment

LINDEN, NJ-Partners Duke Realty and Stockbridge are starting to turn the former GM site into a retail/industrial MXD.

By Eric Peterson | Updated on December 10, 2008

LINDEN, NJ-Duke Realty Corp. of Indianapolis and San Francisco-based Stockbridge Real Estate Funds have picked up a $70-million loan package that will be used to turn the 104-acre former General Motors assembly plant site–along routes 1 and 9 here–into a retail/industrial mixed-use. The partners acquired the site and its 2.7 million square feet of buildings from GM in January for a reported $76.5 million.

The two-year, adjustable-rate loan is coming from HSBC Bank USA and participants US Bank and the Private Bank. The deal was arranged by Holliday Fenoglio Fowler senior managing director Dave Keller and associate director David Ross–both in the firm’s Indianapolis office. The proceeds will be used to back the acquisition itself, as well as the property’s redevelopment including plant demolition, environmental remediation and infrastructure construction.

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