JLL Capital Markets announced on Monday it has arranged $6.3 million in debt financing and $4.4 million in joint venture equity for the acquisition of a 129,600-square-foot industrial building.
Suited on 42.58 acres, 569 Halls Mill Road spans three parcels of land split between Freehold and Howell and is within close access to the Garden State Parkway and Route 33. It is currently leased to a pharmaceutical firm and has excess land to develop.
JLL said it worked on behalf of Camber Real Estate Partners to arrange the financing with a life insurance company. JLL’s Capital Markets Debt Placement team led by Greg Nalbandian, senior managing director, represented the borrowers.
“Camber acquired this mission-critical warehouse facility off-market at a very attractive basis,” Nalbandian said. “We were excited to bring a new and unique capital relationship to our client with one of our life insurance company correspondents that provided both debt and equity financing at very attractive terms.”