JLL Arranges Permanent Loan for Industrial in NJ’s Exit 10 Submarket

JLL Capital Markets arranged permanent financing for a fully leased industrial facility at 111 Fieldcrest Ave. in Edison, NJ, within the Exit 10 submarket. Senior managing director Michael Klein, senior director Max Custer and analyst Kevin Badger. worked on behalf of the borrower, Summit Associates Inc., to secure a loan through a life insurance company. The closing represents the third time JLL has financed the building for the borrower.

111 Fieldcrest was constructed in 2006 on a 6.36-acre site. The 124,720-square-foot property is located within Raritan Center, one of the Northeast’s largest master-planned business parks, comprising approximately 13 million square feet across more than 100 buildings.

“The Exit 10 submarket and more specifically the Raritan Center Business park remains one of the most sought-after industrial submarkets in the state, as demonstrated by its current 95% and historical 97% occupancy rate, making it an easy sell to potential lenders,” 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).

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