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JLL Arranges Construction Debt on NJ Cold Storage
JLL Capital Markets arranged a $34-million construction loan for the development of a new, 140,000-square-foot cold storage facility within the Port Industrial Submarket on the border of Elizabeth and Newark, NJ.
JLL worked on behalf of the developer, Elberon Development Group and Fidelco Realty Group, to place the 22-year construction-to-permanent loan with one of JLL’s correspondent insurance company relationships.
The refrigerated warehouse will be built-to-suit for FreezPak Logistics, a New Jersey-based third-party logistics company. This will be FreezPak’s fifth New Jersey location.
The JLL Capital Markets team was led by senior managing directors Michael Klein and Jon Mikula and director Max Custer.
“The strong reputation of the two sponsors in the market, the premier location of the site and a long-term lease from a credit-worthy tenant enabled us to secure a very attractive long-term construction perm loan from one of our correspondent life insurance companies,” said Klein.
