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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.
- ◦Sale/Acquisition
- ◦Financing