JLL Capital Markets arranged refinancing for two industrial properties totaling 143,265 square feet in Lincoln Park, within New Jersey’s Morris County. Senior managing director Michael Klein, director Ryan Carroll and analyst Tyler Caricato worked on behalf of the borrower, The Frassetto Companies, to secure a 10-year, fixed-rate loan. Terms were not disclosed.
“This financing opportunity presented a chance to secure funding for a best-in-class sponsor on two fully leased industrial assets in a strong Northern New Jersey submarket,” said Klein. “The lending community expressed a lot of interest in this opportunity given its multi-tenancy, relatively long WALT and tenure of many of the tenants at the property.”
The properties, constructed by Frassetto in 1985, are both 100% leased to a diverse roster of 10 tenants. 600 Ryerson Rd. is a 105,242-square-foot multi-tenant facility situated on 9.64 acres, while 6 Frassetto Way comprises 38,023 square feet on 3.42 acres.
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