JLL Capital Markets on Thursday said it secured $10 million in permanent financing for 18 Leonards Drive, a Class A, 80,260-square-foot warehouse and distribution building located in Montgomery, New York.
JLL worked on behalf of the borrower, Frassetto Cos., to secure the fixed-rate, 12-year loan through a correspondent life insurance company.
18 Leonards Drive is a state-of-the-art, newly constructed warehouse building offering 36-foot clear heights, 16 loading docks, two 12-foot by 12-foot drive-in doors, 70-foot by 60-foot column spacing, parking for 50 cars and 14 trailer spaces.
Constructed in 2024, this highly sought-after property is fully leased to two tenants that are utilizing the space for various purposes, including warehouse operations, product distribution and general office activities.
Strategically located in Montgomery, New York, the community in western Orange County benefits from excellent connectivity via major highways such as Interstates 84 and 87 as well as Route 17. These well-connected routes allow businesses to efficiently reach the expansive Hudson Valley region and northern New Jersey, making the property highly appealing to e-commerce and logistics companies.
The JLL Debt Advisory team was led by Senior Managing Director Michael Klein and Director Max Custer.
“We are proud to have secured the construction take-out financing for this project on behalf of the Frassetto Cos., who have a long track record of delivering quality industrial buildings within the Hudson Valley region,” Klein said. “The immediate absorption of this newly constructed distribution facility is a testament to the quality product Frassetto Cos. has delivered, coupled with the growing demand for Class A logistics locations in a submarket dominated by aging industrial product.”
