JLL Capital Markets on Tuesday said it helped arrange $122 million in financing for Seagis Property Group LP‘s 13-property industrial portfolio encompassing over 1.1 million square feet located in northern New Jersey, New York City and South Florida.
JLL helped secure the five-year, fixed-rate loan through a correspondent lender of JLL N.J.
The portfolio consists of five assets in New Jersey, one in Queens, New York, and seven in the South Florida market. The assets were constructed between 1973 and 2021, with the majority purchased in the last two years. The portfolio was 95% leased at closing, with a significant number of below-market rents rolling over in the first 36 months of the loan.
The portfolio’s assets reflect Seagis’ successful acquisition strategy focused on the Eastern Seaboard’s best gateway markets and their highest-demand infill locations. The New York Metro assets are situated in the Meadowlands, Outer Boroughs and central New Jersey markets, widely recognized for their outstanding demand and access to the nation’s largest regional population. The South Florida assets are easily accessible to major airports, ports, highways and the growing populations in both the Miami-Date and Broward County markets. The portfolio’s geographic diversity in high-demand Eastern Seaboard submarkets was a significant draw for lenders.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Jim Cadranell and Gregory Nalbandian, Vice President Michael Lachs and associate Jimmy Calvo.
“There was considerable interest in financing this infill portfolio in top-tier markets with best-in-class sponsorship. The lender really distinguished itself with a very strong five-year, fixed-rate deal at aggressive pricing and providing for open prepayment at par in years four and five of the loan,” Nalbandian said.