The Frassetto Cos., an Upper Saddle River-based real estate developer, has refinanced a four-building industrial portfolio, according to JLL Capital Markets.
Two of the buildings are in Pine Brook, while the other two are in Valley Cottage, New York, the real estate firm said in a news release.
JLL worked on behalf of the borrower to arrange two 10-year, fixed-rate loans placed with a life insurance company. They were used to refinance existing debt.
The Pine Brook properties are an 80,509-square-foot facility at 9-15 Riverside Drive and a 76,326-square-foot facility at 9-11 Chapin Road. Both are located along the Route 46 corridor about two miles from the intersection of interstates 80 and 280. The multitenant properties are fully leased.
The Valley Cottage properties are a 52,908-square-foot facility at 707 Executive Blvd. and a 48,206-square-foot facility at 709 Executive Blvd. Both are fully leased, to a total of seven tenants.
The debt placement team was led by Michael Klein, senior managing director.
“These high-quality properties have been nearly 100% occupied since their construction by the borrower in the 1980s, which is a testament to their prime location and the job that the Frassetto Cos. does maintaining and managing the buildings along with establishing long-lasting relationships with its tenants,” he said in a prepared statement. “We started marketing this portfolio in the midst of the pandemic, but were easily able to garner interest from life insurance companies, given the properties’ strong in-place and historical occupancy and relatively low leverage request.”