JLL has arranged a $16.76 million construction financing loan for a speculative warehouse and distribution center in Lawrence Township, it announced Tuesday.
The developers, Penwood Real Estate Investment Management LLC and Metrix Real Estate Services LLC, received a three-year construction loan with two one-year extension options through Wells Fargo Bank, JLL Capital Markets said.
The developer is building a 340,000-square-foot, Class A facility on 31 acres at 10 Princess Road, within a business park between Princeton and Trenton. It expected to be completed in June.
JLL’s team was led by Michael Klein, senior managing director, and Connor Van Cleef, analyst.
“JLL is pleased to have placed another loan on behalf of Penwood Real Estate Investment Management, and to work with Metrix on its first development project,” Klein said in a prepared statement. “This location will provide prospective tenants with exceptional regional access due to its proximity to I-95 and its frontage along I-295.”
The deal was secured by Holliday Fenoglio Fowler L.P. prior to its acquisition by JLL in July.