$110M secured for Essex County industrial building

JLL Capital Markets arranged the financing for the distribution facility

JLL Capital Markets on Friday said it arranged $110 million in permanent financing for an approximately 850,000-square-foot warehouse and distribution facility leased to a credit tenant in Newark.

JLL worked on behalf of the borrower to place the 15-year, fixed-rate, non-recourse loan with a correspondent life insurance company.

According to JLL Director Thomas E Didio Jr.: “Debt capital sources have never been hungrier for institutional quality, infill warehousing and distribution facilities. JLL is pleased to have worked alongside the borrower to deliver aggressively priced 15-year debt through our correspondent life company network.”

The JLL Capital Markets Debt Advisory team representing the borrower was led by Didio Jr., Senior Managing Director Thomas R. Didio and associate Ryan Carroll.