JLL arranges $12.66M in financing for spec warehouse project

JLL Capital Markets has arranged $12.66 million in construction financing for a warehouse and distribution center in Hamilton, it announced Thursday.

The 171,000-square-foot, Class A industrial facility is being built at 130 Commerce Center on a speculative basis, JLL said in a news release.

JLL worked on behalf of the developers, Penwood Real Estate Investment Management LLC and Princeton-based Metrix Real Estate Services LLC, to place the three-year, floating-rate loan with a money center bank, it said. The team was led by Michael Klein, senior managing director, and Max Custer, director.

“JLL is pleased to have placed another speculative development loan on behalf of Penwood Real Estate Investment Management and Metrix Real Estate Services,” Klein said in a prepared statement. “The project’s Class A design and quality, its exceptional location and the New Jersey industrial market’s robust fundamentals will undoubtedly make 130 Commerce Center a great success.

“The developers have demonstrated a consistent track record in delivering high-quality distribution and warehouse product, which will very likely result in the project being fully leased well in advance of construction completion.”

The project is scheduled for completion in the third quarter.