JLL Capital Markets arranged permanent financing for a fully leased industrial facility at 111 Fieldcrest Ave. in Edison, NJ, within the Exit 10 submarket. Senior managing director Michael Klein, senior director Max Custer and analyst Kevin Badger. worked on behalf of the borrower, Summit Associates Inc., to secure a loan through a life insurance company. The closing represents the third time JLL has financed the building for the borrower.
111 Fieldcrest was constructed in 2006 on a 6.36-acre site. The 124,720-square-foot property is located within Raritan Center, one of the Northeast’s largest master-planned business parks, comprising approximately 13 million square feet across more than 100 buildings.
“The Exit 10 submarket and more specifically the Raritan Center Business park remains one of the most sought-after industrial submarkets in the state, as demonstrated by its current 95% and historical 97% occupancy rate, making it an easy sell to potential lenders,” said Klein.
The post JLL Arranges Permanent Loan for Industrial in NJ’s Exit 10 Submarket appeared first on Connect CRE.
