Byline Bank Commercial Real Estate Group Provides $13.6M Acquisition Loan for Industrial Outdoor Storage Site in New Brunswick, New Jersey

The property, located at 107 How Lane, includes three buildings that offer 35,800-square-feet of office, maintenance and industrial space. The location is strategically situated approximately 30 miles from the Port of New York & New Jersey, the largest port on the East Coast and one of the most active industrial hubs in the U.S.

“Industrial outdoor storage is a newer asset class that has gotten the attention of many institutional equity groups. We’re happy to support Ridgecut Road’s latest development in the sector,” said Joanne Campanile, Senior Vice President for Byline’s Commercial Real Estate Group.

“We are excited to add this irreplaceable, low-coverage industrial property to our growing portfolio of industrial assets in the NJ/NYC market,” said Eric Shalek, Co-Founder and Principal of Ridgecut Road. His twin brother and partner, Scott Shalek, added, “107 How Lane is an extremely well-located asset that is functionally laid out and offers versatility for a deep pool of tenants in the industrial market. It is mission-critical real estate that serves as the backbone of our supply chain. However, you cannot find or develop assets like it today.”

“JLL is pleased to have secured acquisition financing on Ridgecut Road’s behalf. Byline Bank is well-versed in the IOS space and quickly understood the attributes that the property provides existing and potential tenants, its exceptional location and the sponsor’s experience in the space,” said Michael Klein, Senior Managing Director at JLL, the broker on the loan. “As a result, Byline was able to provide loan terms that best met the borrowers needs and will be an excellent relationship for Ridgecut as they reposition the asset.”

About Byline Commercial Real Estate Group

Byline’s Commercial Real Estate Group (BCREG), headquartered in Chicago, provides first mortgage construction, bridge and permanent loans secured by properties in the Chicagoland area as well as nationwide for Tier One customers. Since 2014, BCREG has closed $2.4 billion of loans for its target market, focusing on multi-family (including student housing and active adult), industrial, self-storage and retail properties. For more information, visit www.bylinebank.com/commercial-real-estate.

About Byline Bank

Headquartered in Chicago, Byline Bank, a subsidiary of Byline Bancorp, Inc. (NYSE: BY), is a full-service commercial bank serving small- and medium-sized businesses, financial sponsors and consumers. Byline Bank has approximately $9.6 billion in assets and operates 46 branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and community banking products and services, including small-ticket equipment leasing solutions, and is one of the top Small Business Administration lenders in the United States by volume for FY2023, according to the national SBA ranking by the U.S. Small Business Administration. Byline Bank is a member of FDIC and an Equal Housing Lender.

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