Central New Jersey Light Industrial Complex Refinancing
JLL Capital Markets announced today that it has arranged a refinancing for Edgeboro Corporate Center, a fully leased two-building light industrial complex totaling 84,000 square feet in the Central New Jersey community of East Brunswick.
JLL worked on behalf of the borrower, Denholtz Properties, to place the 10-year fixed rate loan with a life insurance company.
Built in 1977, the Edgeboro Corporate Center consists of two one-story buildings providing small bay and light industrial space with 19-foot clear heights, 20 dock-height doors and expansive trucking bays in a business park environment.
The property has a long history of high occupancy and demand. The property’s success is driven by its exceptional location on Edgeboro Road in East Brunswick. Edgeboro Corporate Center is 35 miles southwest of Manhattan in Middlesex County. The property is located just off Route 18, less than a mile south of New Jersey Turnpike Exit 9 and 1.5 miles south of US Route 1. The property offers unparalleled access to downtown of New Jersey and the region’s transportation infrastructure.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and Vice Chairman Michael Lachs.
“JLL is proud to have arranged a long-term loan on behalf of our client with a major life insurance company lender,” said Lachs. “The lender provided exceptional terms that best met our client’s refinancing objectives, including a significant interest-only period. The lender recognized the long-term success of Edgeboro Corporate Center and Denholtz Properties’ expertise in operating and leasing the property.
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is sales and investment advice, debt advice, equity advice or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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