City of Elizabeth – Seafrigo Cold Storage Refrigerated Warehouse
Seafrigo Cold Storage NA is a major importer and distributor of high-end perishable products that come into the New York and New Jersey ports. MSB assisted in securing a property tax exemption for the development of the project which was a critical component of the decision to develop the specialized freezer warehouse and was a condition as part of the lease arrangements. The project cost approximately $30,900,000.
In addition, as part of the permanent financing, the owner of the project utilized New Markets Tax Credit financing to help lower its long term cost of borrowing. The owner was able to structure a leverage loan into the financing through a business partner to help enhance the value of the tax credits. The project generated approximately 200 construction jobs, retained 50 permanent jobs and created 50 new permanent jobs.
For more information on this project, please contact Glenn F. Scotland, Member, at (973) 622-1800.