JLL Capital Markets announced on Wednesday it has arranged permanent financing for a 11-building industrial portfolio in Edison.
JLL said it worked on behalf of the borrower, Summit Associates, to place eight, fix-rate loans with 10-15 year terms.
The portfolio, comprised of 947,058 square feet within the Raritan Center, includes: 104 Sunfield Ave.; 305 Clearview Road; 523 Raritan Center Parkway; and 70, 75, 80, 85, 90, 95, 100 and 105 Newfield Ave. Built throughout the 1980s, the portfolio consists of single and multi-tenant assets with ceiling heights from 20 to 24 feet.
The Raritan Center has close to 15 million square feet of space in about 100 buildings with 3,000 tenants. Amenities include a large expo center, several hotels, three banks, a travel agency and a daycare center. It is within close access to the New Jersey Turnpike, the Garden State Parkway, Interstate 287, and routes 1 and 9.
JLL’s Michael Klein, managing director, and Andrew Zilenziger, analyst, represented the developers in the financing.
“JLL is pleased to have represented Summit Associates once again,” Klein said. “The relationship between the lender, the borrower and JLL and its predecessor company, HFF, dates back over 30 years. During this time, the lender has recognized the historical strength of the Raritan Center industrial market and SAI’s dominant position as a landlord within the park. As a result, the lender was able to provide an extremely attractive loan structure that enabled the borrower to stager the loan maturities, not cross the individual loans, and take advantage of an attractive interest rate on a long-term basis.”