45 Fernwood Ave., 110 Newfield Ave. and 450 Raritan Center Parkway in Edison — Courtesy: JLL
By Joshua Burd
The owner of three industrial buildings in Edison’s Raritan Center has refinanced for $14.35 million, in a transaction arranged by JLL.
Representing the borrower, Summit Associates Inc., the brokerage team said it placed three uncrossed, fixed-rate loans with terms ranging from 10 to 12 years with a correspondent life insurance company. The owner used the proceeds to retire existing debt and fund minor tenant improvements within the 430,000-square-foot portfolio, which includes 45 Fernwood Ave., 110 Newfield Ave. and 450 Raritan Center Parkway.
Built between 1980 and 1991, the properties have maintained near full occupancy and are currently 99 percent leased to 20 tenants.
“We are pleased to have helped Summit Associates Inc. with another set of long-term loans to refinance properties within the Raritan Center Business Park,” JLL’s Michael Klein said. “The strategic timing of rate lock and execution allowed the borrower to capitalize on a historically low interest rate environment while avoiding early prepayment fees.”
Klein, a senior managing director, completed the assignment with JLL Director Max Custer. They noted that the buildings’ location within the sprawling business park provides tenants with direct access to a vast highway network that includes the New Jersey Turnpike, the Garden State Parkway and Interstate 287, each of which is less than three miles away.