481 and 491 Edward H. Ross Drive in Elmwood Park — Courtesy: JLL
By Joshua Burd
Alfred Sanzari Enterprises has secured $12.2 million to refinance two Elmwood Park industrial buildings totaling nearly 114,000 square feet, brokers with JLL announced Tuesday.
According to the debt placement team, Securian Asset Management Inc. provided the 10-year, fixed-rate loan on behalf of Minnesota Life Insurance Co. JLL’s Thomas R. Didio, Thomas E. Didio Jr., Salvatore Buzzerio and Benjamin Morgenthal represented the borrower in connection with the portfolio at 481 and 491 Edward H. Ross Drive.
The two buildings, which are leased to a single tenant, total 113,700 square feet.
“We are pleased to work alongside Alfred Sanzari Enterprises Inc. to secure long-term fixed-rate financing with Securian Asset Management,” Didio Jr. said. “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.”
JLL noted that the properties are built out for medical lab use as a testing facility, offering 22-foot clear ceiling heights, 30-foot by 40-foot column spacing, five dock-high doors, six grade-level doors, 177 parking spaces and 40,728 square feet of office space. The buildings are minutes from the junction of Interstate 80 and the New Jersey Turnpike and have easy access to a host of other major highways in the region.