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New York & Tri-State  + Fairfield/Westchester  + Industrial  | 

Wallkill Spec Project Lands Construction Financing

JLL Capital Markets announced arranged construction financing for the development of a Class A, speculative warehouse and distribution facility in Wallkill, NY, a northern suburb of New York City. Terms of the financing weren’t disclosed.

A New Jersey-based JLL team of Michael Klein, Max Custer and Steven Klein worked on behalf of the borrower, The Frassetto Companies, to place the three-year, fixed-rate loan with Columbia Bank. Loan proceeds will be used to construct the facility, which is expected to be completed by year’s end.

The facility will be constructed on 5.1 acres at 103 Tower Dr. in Wallkill, a suburban New York City community positioned in western Orange County less than 1.5 miles from the “Golden Triangle” of Interstates. Comprising more than 31 million square feet of space, the local Orange County industrial submarket has seen steadily decreasing vacancy rates over the past five years.

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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 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).

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