Biotech firm’s new distribution facility in East Hanover refinanced with $15M permanent loan

JLL Capital Markets on Monday said it arranged $15 million in permanent financing for a newly built, 75,500-square-foot, state-of-the-art logistics facility that is 100% leased to GenScript USA in East Hanover.

JLL worked on behalf of the borrower, New Vernon Equities, to place the 10-year, fixed-rate loan with a correspondent life insurance company.

Positioned on 11.25 acres at 30 Farinella Drive, the facility is in Eastern Morris Industrial submarket and has exceptional access to key northern New Jersey highways, infrastructure and logistics hubs, along with connectivity to New York City, which is 26 miles away.

30 Farinella Drive was completed in 2021 to modern standards with best-in-class features that offer a 36-foot clear height, 13 dock-high doors and 83 parking stalls. GenScript USA, a global biotechnology company best known for its gene synthesis capabilities, occupies the single-story property on a long-term triple net lease. GenScript will make additional investments to utilize the space as a good manufacturing practice manufacturing facility.

The JLL Capital Markets team representing the borrower was led by Managing Director Matthew Pizzolato and associate Ryan Carroll.

“Even with all the volatility in the capital markets, we continue to see tremendous interest from the lending community for well-located, institutional quality industrial assets with strong sponsors,” Pizzolato said. “30 Farinella was no exception, and we were able to negotiate very attractive terms with our correspondent life company relationship earlier this year prior to the market volatility that allowed our client to lock in a very favorable interest rate via a forward rate lock.”