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JLL Arranges $20M Acquisition Loan on Carlstadt Warehouse

JLL Capital Markets arranged $19.56 million in acquisition financing for 305 Veterans Blvd., a 109,775-square-foot warehouse and distribution facility in Carlstadt within New Jersey’s Bergen County. 

JLL worked on behalf of the borrower, Penwood Real Estate Investment Management, LLC, through its sixth value-added investment vehicle, Penwood Select Industrial Fund VI, L.P., in securing the three-year, floating-rate loan with Tristate Capital Bank. 

The JLL Capital Markets debt advisory team representing the borrower was led by senior managing director Michael Klein, director Max Custer and associate Ryan Carroll. In addition, JLL’s leasing team, comprised of Chris Hile, Michael Palmeri and David Knee, has the exclusive listing assignment. 

“While the debt market continues to remain volatile, there is still ample liquidity for strong sponsors who own industrial properties in premier markets such as the Meadowlands, provided that the deals feature the right leverage and structure,” 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 16-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 7-10 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 GlobeSt.com 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).

  • ◦Sale/Acquisition
  • ◦Financing