JLL Capital Markets has arranged a $20 million refinancing of a cold storage facility in Elizabeth, it announced this week.
JLL worked on behalf of the borrower, Elberon Development Group, to place the 20-year, fixed-rate loan with a life insurance company. It covers the refinancing of 735 Dowd Ave., a 175,000-square-foot facility near Port Newark-Elizabeth that was originally built-to-suit in 2013 for Seafrigo, a French food distributor.
The loan proceeds refinanced existing debt, JLL said in a news release.
The property includes 40-foot clear heights, temperature-controlled rooms and 16,000 square feet of office space.
The JLL team was led by Michael Klein and Jon Mikula, senior managing directors, and Carlos Silva, analyst.
“JLL is pleased to have worked on Elberon Development’s behalf to secure very attractive long-term debt on the property,” Klein said in a prepared statement. “Demand for high-quality, state-of-the-art refrigerated warehouse properties continues to increase, and the property’s location with immediate access to the port, airport and highway infrastructure made this a highly sought-after loan for the lender.”