JLL Capital Markets said it has arranged a $14.35 million refinancing for the Raritan Center Business Park in Edison.
The 430,000-square-foot industrial portfolio consists of a 199,494-square-foot building at 45 Fernwood Ave., a 159,550-square-foot building at 110 Newfield Ave. and the 74,925-square-foot asset at 450 Raritan Center Parkway.
The JLL team representing the borrower, Summit Associates, was led by Senior Managing Director Michael Klein and Director Max Custer.
“We are pleased to have helped Summit Associates Inc. with another set of long-term loans to refinance properties within the Raritan Center Business Park,” Klein said.
JLL worked with Summit to place three, fixed-rate loans with terms ranging from 10 to 12 years with a correspondent life insurance company, the firm said. Summit used the funds to retire existing debt and fund tenant improvements at the property, which is 99% leased to 20 tenants.
“The strategic timing of rate lock and execution allowed the borrower to capitalize on a historically low interest rate environment while avoiding early prepayment fees,” Klein said.