18 Leonards Drive in Montgomery, New York — Courtesy: JLL
By Joshua Burd
Frassetto Cos. has landed $10 million in permanent financing for more than 80,000 square feet of new warehouse space in New York’s Orange County, brokers with JLL announced.
According to the debt placement team, a correspondent life insurance company provided the fixed-rate, 12-year loan in connection with the project at 18 Leonards Drive in Montgomery. Delivered this year, the facility is fully leased to two tenants that use the space for purposes such as warehouse operations, product distribution and general office activities, benefiting from its 36-foot clear ceiling heights, 16 loading docks, two 12-foot by 12-foot drive-in doors, 70-foot by 60-foot column spacing and parking for 50 cars and 14 trailer spaces.
JLL Senior Managing Director Michael Klein and Director Max Custer sourced the loan for the Morristown-based team.
“We are proud to have secured the construction take-out financing for this project on behalf of The Frassetto Companies, who have a long track record of delivering quality industrial buildings within the Hudson Valley region,” Klein said. “The immediate absorption of this newly constructed distribution facility is a testament to the quality product Frassetto Companies has delivered, coupled with the growing demand for Class A logistics locations in a submarket dominated by aging industrial product.”
In announcing the deal, JLL noted that the 80,260-square-foot warehouse and distribution center is accessible from major highways such as interstates 84 and 87 and Route 17. That allows tenants to quickly reach the expansive Hudson Valley region and northern New Jersey, making the property highly appealing to ecommerce and logistics companies.
