69 New Hook Road in Bayonne — Courtesy: JLL
By Joshua Burd
The developer of a new distribution center in Bayonne has secured funds to refinance the nearly 196,000-square-foot property, according to a debt placement team with JLL.
Brokers with the firm sourced the loan on behalf of Delta Equity Management, which recently completed the facility at 69 New Hook Road and signed a full-building lease with HD Supply. Lincoln Financial Group provided the fixed-rate financing, the value of which was undisclosed.
“Lenders continue to compete for industrial investments in our region,” said JLL’s Jon Mikula, a senior managing director, who arranged the debt alongside Vice President Michael Lachs. “Delta’s building design and ability to attract HD Supply, provided many capital markets options.”
Known as Harborview Logistics & Distribution Center, the 195,723-square-foot property has 40-foot clear ceiling heights, 46 loading doors with dock levelers and mechanical openers, and parking for 32 trailers and 149 cars. Its newly signed tenant, HD Supply, is a division of Home Depot and benefits from the building’s location just off Route 440 and minutes from the New Jersey Turnpike, Interstate 78 and nearby ports.
“Given recent volatility and complexities of the capital markets both JLL and the lender were able to meet the structure and requirements we were seeking,” said Vincent DiDomenico, founder and president of Delta Equity Management.
