JLL Capital Markets on Tuesday said it arranged $12.2 million in refinancing for Alfred Sanzari Enterprises Inc.‘s two single-tenant industrial properties totaling 113,700 square feet in Elmwood Park.
JLL worked in securing the 10-year, fixed-rate loan with Securian Asset Management Inc. on behalf of the lender, Minnesota Life Insurance Co.
The properties, located at 481 and 491 Edward H. Ross Drive, are built out for medical lab use as a testing facility, are fully leased to a single tenant. They both offer 22-foot clear heights, 30-by-40-foot column spacing, five dock-high doors, six grade-level doors, 177 parking spaces and 40,728 square feet of office space.
Conveniently situated just minutes from the convergence of Interstate 80 and the New Jersey Turnpike, which are the primary east/west and north/south transportation corridors in northern New Jersey, the buildings also have easy access to and from all major highways in the region, including the Garden State Parkway, Routes 3, 4 and 17, U.S. 46 and the New York State Thruway. Furthermore, the properties are minutes from the George Washington Bridge and New York City, and 18 miles from Newark Liberty International Airport. As a result of this extensive connectivity, tenants can reach more than 50% of the U.S. population within a 24-hour drive.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Thomas R. Didio, Thomas E. Didio Jr., Salvatore Buzzerio and Benjamin Morgenthal.
“We are pleased to work alongside Alfred Sanzari Enterprises Inc. to secure long-term fixed-rate financing with Securian Asset Management,” said Didio, Jr. “Securian recognized the strength of sponsorship and a growing relationship between the two firms and moved to close quickly in a choppy capital markets environment.”
