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AllianceBernstein Lends $75M on Master-Planned Rechler Industrial Park
JLL Capital Markets has arranged a $75- million development facility for Rechler Business District, a master-planned industrial business park in Medford, NY, within Long Island’s Suffolk County. Senior managing director Peter Rotchford and managing director Tyler Peck worked on behalf of Rechler Equity Partners to secure the financing through AllianceBernstein L.P.
Rechler Business District encompasses a newly constructed and fully leased 140,875-square-foot Class A shallow bay logistics facility at 10 Donald’s Way, 9.8 acres of fully leased industrial outdoor storage space at 25 Donald’s Way and approximately 45 acres of additional development-ready land.
“Securing financing for a project of this scale required a lender that understood both the strength of the existing cash flow and the long-term value creation embedded in the to-be developed parcels,” said Rotchford. “AllianceBernstein recognized the compelling combination of stable income from an investment-grade tenant, a low leverage profile and Rechler’s track record for industrial development, which ultimately made this financing opportunity particularly attractive.”
