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New York & Tri-State  + New Jersey  + Industrial  | 

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).