JLL Capital Markets has arranged a $25 million refinancing for a distribution center in Secaucus, it announced this week.
The 706,487-square-foot center at 500 Meadowland Parkway is owned by 500 Meadowland Parkway LLC. JLL worked on its behalf to place a fixed-rate loan with Hartford Investment Management Co., it said in a news release. JLL will service the loan, which will be used to refinance existing debt.
The debt placement team was led by Thomas Didio, senior managing director.
“HIMCO did a great job committing and closing this loan during this difficult time, and looks forward to doing more business with such a strong borrower,” he said in a prepared statement. “We are pleased to play a role in providing the financing for the borrower for this project.”
The property is located on 32-plus acres within the Harmon Cove development, a 750-acre property developed by the borrower.
The tenant is a large retailer that has occupied the building since 1978, using it as a distribution warehouse and office space.