50 Madison Road in Totowa — Courtesy: JLL
By Joshua Burd
Russo Development has secured $11 million in financing for a single-tenant data center in Totowa, in a newly completed transaction by JLL.
Brokers with the firm represented Russo, the owner of the 125,871-square-foot facility at 50 Madison Road, in sourcing the 10-year, fixed-rate permanent loan. An undisclosed life insurance company is providing the financing.
JLL Senior Managing Director Thomas Didio led the team representing the borrower.
Completed in 2009, 50 Madison Road is fully leased to CyrusOne, according to a news release. JLL touted the property’s proximity to routes 202 and 46, along with Interstate 80.