JLL wraps up financing deal, building sale

By Eric Strauss
Totowa | Aug 22, 2019 at 2:17 pm

JLL has arranged the financing for a data center in Totowa, it announced Thursday.

The real estate services firm, in a deal that was secured by Holliday Fenoglio Fowler before it was acquired by JLL on July 1, worked on behalf of the borrower, Russo Development, to place the 10-year, $11 million, fixed-rate loan with a life insurance company.

The property, at 50 Madison Road, is a 125,871-square-foot facility completed in 2009. It is fully leased to Cyrus One.

Senior Managing Director Thomas Didio led the JLL Capital Markets team representing the borrower.

In another transaction, JLL’s Capital Markets team from New Jersey closed the $18 million sale of a medical office property in Syracuse, New York.

The 173,466-square-foot, two-building property was marketed on behalf of the seller, Brittonfield Associates. ICONIC Property Partners was the buyer.

The JLL Capital Markets team included Steven Rutman, director; Ben Appel, managing director; Jose Cruz, senior managing director; and Rob Rizzi, managing director.

Eric Strauss | estrauss@roi-nj.com | acerimrat