Cold-Storage BTS Lands $20M Refi
JLL Capital Markets arranged a $20-million refinancing for 735 Dowd Ave., a 175,000-square-foot cold-storage facility near Port Newark-Elizabeth in Elizabeth, NJ.
A team of senior managing directors, Michael Klein and Jon Mikula, and analyst Carlos Silva worked on behalf of locally-based Elberon Development Group to place the 20-year, fixed-rate loan with a life insurance company. Loan proceeds were used to refinance the existing debt on the property.
Completed in 2013, the property was a build-to-suit cold-storage facility for Seafrigo, a France-based food distributor specializing in handling chilled, frozen and ambient products. The cold storage building features 40-foot clear heights, 16,000 square feet of two-story office space, 25 tailboards and temperature-controlled rooms.
“Demand for high-quality, state-of-the-art refrigerated warehouse properties continues to increase, and the property’s location with immediate access to the port, airport and highway infrastructure made this a highly sought-after loan for the lender,” said Klein.
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