A multistate industrial portfolio has been refinancing for nearly $17 million, according to real estate firm JLL Capital Markets.
The property, which includes six buildings totaling 258,123 square feet in Toms River and Pennsylvania’s Lehigh Valley, was refinanced by borrower Denholtz Properties with two separate 10-year, fixed-rate loans totaling $16.86 million. Minnesota Life Insurance Co. was the lender.
The portfolio, home to 58 tenants, includes the four-building Northampton Business Park at 1545-1575 Route 37 W. in Toms River, which totals 94,627 square feet and is 97% leased. The portfolio also includes a 98,291-square-foot building in Upper Macungie, Pennsylvania, and a 65,205-square-foot building in Allentown, Pennsylvania.
The team representing the borrower was led by Jon Mikula and Michael Klein, senior managing directors; Michael Pagniucci, director; and Gerard Quinn, analyst.
“Demand for quality industrial product in this region continues at unprecedented levels,” Mikula said in a prepared statement. “Lender interest in this transaction was diverse and aggressive.”