New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
JLL’s Michael Klein Arranges Refi for Frassetto Cos.
JLL Capital Markets arranged the refinancing of four industrial buildings totaling 257,949 square feet in Pine Brook, NJ, and the Rockland County hamlet of Valley Cottage, NY. Terms of the refi weren’t disclosed.
A JLL team led by senior director Michael Klein worked on behalf of the borrower, The Frassetto Companies, to arrange financing for two buildings in Pine Brook and two in Valley Cottage. Both 10-year, fixed-rate loans were placed with a life insurance company and refinanced existing debt.
“These high-quality properties have been nearly 100% occupied since their construction in the 1980s by the borrower, which is a testament to their prime location and the job that The Frassetto Companies does maintaining and managing the buildings, along with establishing long-lasting relationships with its tenants,” said Klein. “We started marketing this portfolio in the midst of the pandemic but were easily able to garner interest from life insurance companies.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
