New Jersey Industrial Facility Scores $20M Refi
- May 19, 2020
Elberon Development Group has secured $20 million in refinancing for a 175,000-square-foot, cold-storage facility in Elizabeth, N.J. JLL arranged the 20-year, fixed-rate loan through a life insurance company.
Completed in 2013, the property is a build-to-suit facility for Seafrigo, a French food distributor. The building features 40-foot clear heights, 16,000 square feet for office space, 25 tailboards and temperature-controlled rooms.
Located at 735 Dowd Ave., the facility is 1 mile from Interstate 95. The property is within 2 miles of Newark Liberty International Airport and 6 miles of Port Newark-Elizabeth. Downtown Newark is also 6 miles from the property. The asset is within the Northern New Jersey industrial submarket. According to JLL, this area had a vacancy rate of 3.4 percent at the end of the first quarter.
JLL Senior Managing Directors Michael Klein and Jon Mikula, along with Analyst Carlos Silva, represented the borrower. In April, Klein arranged $18.8 million in refinancing for a 125,700-square-foot office portfolio in Eatontown, N.J.