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Sanzari Lands Refi on Two Single-Tenant Elmwood Park Industrial Assets
JLL Capital Markets arranged $12.2 million in refinancing for 481 and 491 Edward H. Ross Dr., two single-tenant industrial properties totaling 113,700 square feet in Elmwood Park, NJ. A JLL team of Thomas R. Didio, Thomas E. Didio, Jr., Salvatore Buzzerio and Benjamin Morgenthal worked on behalf of the borrower, Alfred Sanzari Enterprises Inc., in securing the 10-year, fixed-rate loan with Securian Asset Management, Inc. on behalf of the lender, Minnesota Life Insurance Company.
The properties, which are built out for medical lab use as a testing facility, are fully leased to a single tenant. 481 and 491 Edward H. Ross Dr. offer 22’ clear heights, 30’x40’ column spacing, five dock-high doors, six grade-level doors, 177 parking spaces and 40,728 square feet of office space.
“Securian recognized the strength of sponsorship and a growing relationship between the two firms and moved to close quickly in a choppy capital markets environment,” said Didio, Jr.
- ◦Financing
