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Edison Industrial Portfolio Lands Permanent Financing
JLL Capital Markets arranged permanent financing on behalf of Summit Associates for a fully leased, 11-building industrial portfolio totaling 947,058 square feet in Edison, NJ. The portfolio is located within the 15-million-square-foot Raritan Center, one of the largest business centers in the Northeast.
JLL’s Michael Klein and Andrew Zilenziger worked to place eight uncrossed, fixed-rate loans with terms of 10, 12 and 15 years with a correspondent life insurance company. Financial terms weren’t disclosed.
“The relationship between the lender, the borrower and JLL and its predecessor company, HFF, dates back over 30 years,” said Klein. As a result of this longstanding relationship, “the lender was able to provide an extremely attractive loan structure that enabled the borrower to stagger the loan maturities, not cross the individual loans, and take advantage of an attractive interest rate on a long-term basis.”
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- ◦Financing
