30 Farinella Drive in East Hanover — Courtesy: JLL
By Joshua Burd
The developer of a nearly 76,000-square-foot industrial building in East Hanover has secured $15 million in permanent financing, according to a debt placement team with JLL.
Completed last year, the building at 30 Farinella Drive is fully leased to GenScript USA, a global biotechnology firm best known for its gene synthesis capabilities. JLL Managing Director Matthew Pizzolato and Associate Ryan Carroll represented the borrower, New Vernon Equities, to place the 10-year, fixed-rate loan with a correspondent life insurance company.
“Even with all the volatility in the capital markets, we continue to see tremendous interest from the lending community for well-located, institutional quality industrial assets with strong sponsors,” Pizzolato said. “30 Farinella was no exception, and we were able to negotiate very attractive terms with our correspondent life company relationship earlier this year prior to the market volatility that allowed our client to lock in a very favorable interest rate via a forward rate lock.”
In a news release, JLL said 30 Farinella Drive spans 75,500 square feet with 36-foot clear ceiling heights, 13 dock-high doors and 83 parking stalls. GenScript USA occupies the single-story property on a long-term triple net lease and plans to make additional investments to use the space as a GMP manufacturing facility.
The 11.25-acre site is 26 miles from New York City, JLL noted.