JLL Capital Markets has arranged a $34 million construction loan for a major cold storage facility on the border of Elizabeth and Newark, it announced.
The 140,000-square-foot facility, which is being developed by Elberon Development Group and Fidelco Realty Group, will be the fifth New Jersey location for Carteret-based FreezPak Logistics. It was first announced in November.
JLL worked with the developers to place a 22-year construction-to-permanent loan with one of JLL’s insurance company partners. The team was led by Michael Klein and Jon Mikula, senior managing directors, and Max Custer, director.
Read more from ROI-NJ:
- Fidelco, Elberon to build 140K sq. ft. freezer warehouse for FreezPak on Elizabeth/Newark border
- JLL arranges $20M refinancing of cold storage facility for Elberon
“JLL is thrilled to have represented the joint venture between Elberon Development Group and Fidelco Realty Group on this transaction,” Klein said in a prepared statement. “The borrower was looking to secure construction financing and take advantage of today’s historically low long-term interest rates.
“The strong reputation of the two sponsors in the market, the premier location of the site and a long-term lease from a creditworthy tenant enabled us to secure a very attractive long-term construction-perm loan from one of our correspondent life insurance companies.”
The property is located at 1029 Newark Ave. on the border of the two cities.