JLL Capital Markets on Monday announced it arranged $33 million in construction financing for the development of Bridge Point East Hanover, an industrial warehouse and distribution project totaling 314,413 square feet in East Hanover.
JLL worked on behalf of the borrower, Bridge Industrial LLC, to secure the four-year, floating-rate loan through Hartford Investment Management Co.
Once completed, the property will feature 32-foot clear heights, 62 dock-high doors, 60 trailer parking spaces and 100 car parking spaces. Bridge Point East Hanover will serve as a premier distribution facility serving the densely populated eastern Morris County and western Essex County submarkets, among others.
The site sits at 11 Mt. Pleasant Ave. within the Eastern Morris Industrial submarket. Future tenants of the property will benefit from its proximity to other markets, as it sits 25 miles west of New York City and 90 miles northeast of Philadelphia.
Bridge Point East Hanover has exceptional access to key northern New Jersey highways and logistics hubs, including Interstates 80, 287 and 280, and Routes 46, 10 and 202, as well as Newark Liberty International Airport and the Port of New York and New Jersey. This access to major thoroughfares and transportation infrastructure gives prospective tenants the ability to reach 73% of the U.S. population within a 24-hour drive.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and associate Ryan Carroll.
“JLL is pleased to have secured construction financing for this to-be-built Class A warehouse distribution project,” Klein said. “While the availability of construction financing continues to recede, money is available for premier developers such as Bridge Industrial.”
