New York & Tri-State + New Jersey + Finance | December 21, 2022

JLL arranged $12.2 million in refinancing on behalf of Alfred Sanzari Enterprises for two single-tenant industrial properties in Elmwood Park, NJ

Sanzari Lands Refi on Two Single-Tenant Elmwood Park Industrial Assets

JLL Capital Markets arranged $12.2 million in refinancing for 481 and 491 Edward H. Ross Dr., two single-tenant industrial properties totaling 113,700 square feet in Elmwood Park, NJ. A JLL team of Thomas R. Didio, Thomas E. Didio, Jr., Salvatore Buzzerio and Benjamin Morgenthal worked on behalf of the borrower, Alfred Sanzari Enterprises Inc., in securing the 10-year, fixed-rate loan with Securian Asset Management, Inc. on behalf of the lender, Minnesota Life Insurance Company.

The properties, which are built out for medical lab use as a testing facility, are fully leased to a single tenant. 481 and 491 Edward H. Ross Dr. offer 22’ clear heights, 30’x40’ column spacing, five dock-high doors, six grade-level doors, 177 parking spaces and 40,728 square feet of office space.

“Securian recognized the strength of sponsorship and a growing relationship between the two firms and moved to close quickly in a choppy capital markets environment,” said Didio, Jr.

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Inside The Story

JLL's Didio, Jr.

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 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).