By Joshua Burd
The owner of a new 850,000-square-foot warehouse and distribution center in Newark’s port district has secured $110 million in permanent financing, according to JLL.
Brokers with the firm represented the borrower in placing the 15-year, fixed-rate, non-recourse loan with a correspondent life insurance company. The team did not disclose the name of the borrower or the property’s address, only noting that the building is fully leased and sits in the shadow of Newark Liberty International Airport.
JLL Senior Managing Director Thomas R. Didio, Director Thomas E. Didio, Jr. and Associate Ryan Carroll led the debt advisory team for the assignment on behalf of the firm’s New Jersey capital markets team.
“Debt capital sources have never been hungrier for institutional-quality, infill warehousing and distribution facilities,” Didio Jr. said. “JLL is pleased to have worked alongside the borrower to deliver aggressively priced 15-year debt through our correspondent life company network.”
