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New York & Tri-State  + New Jersey  + Industrial  |  February 3, 2020
Paul Bubny
By: Paul Bubny

Edison Industrial Portfolio Lands Permanent Financing

JLL Capital Markets arranged permanent financing on behalf of Summit Associates for a fully leased, 11-building industrial portfolio totaling 947,058 square feet in Edison, NJ. The portfolio is located within the 15-million-square-foot Raritan Center, one of the largest business centers in the Northeast.

JLL’s Michael Klein and Andrew Zilenziger worked to place eight uncrossed, fixed-rate loans with terms of 10, 12 and 15 years with a correspondent life insurance company. Financial terms weren’t disclosed.

“The relationship between the lender, the borrower and JLL and its predecessor company, HFF, dates back over 30 years,” said Klein. As a result of this longstanding relationship, “the lender was able to provide an extremely attractive loan structure that enabled the borrower to stagger the loan maturities, not cross the individual loans, and take advantage of an attractive interest rate on a long-term basis.”

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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