An industrial facility in Fairfield has been refinanced, according to real estate firm JLL Capital Markets.
The Fairfield Industrial Campus is a fully-leased, two-building industrial complex totaling 90,000 square feet at 16-18 Passaic Ave. It is owned by Denholtz Properties, which will use the proceeds of the loan to retire existing debt and provide equity to longtime investors.
JLL arranged the 10-year, fixed-rate loan, which was placed with Principal Real Estate Investors. Further financial details were not disclosed.
The debt placement team representing the borrower was led by Jon Mikula and Michael Klein, senior managing directors, and Gerard Quinn, analyst.
“Last-mile logistics in suburban markets like Fairfield are critical to our economy, and Fairfield Industrial Campus has provided that for decades,” Mikula said in a prepared statement.