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Jones Lang LaSalle Incorporated : New Jersey mega-distribution center receives $25M refinancing

MORRISTOWN, N.J., September 23, 2020JLL Capital Markets announced today that it has arranged a $25 million refinancing for the fully leased, 706,487-square-foot distribution center at 500 Meadowland Pkwy. in the suburban New York City community of Secaucus, New Jersey.

JLL worked on behalf of the borrower, 500 Meadowland Parkway, L.L.C., to place a fixed-rate loan with Hartford Investment Management Company (HIMCO). JLL will service the loan, proceeds of which will be used to refinance the existing debt.

The property is situated on 32.475 acres within the 750-acre Harmon Cove development, which was developed by the borrower. Harmon Cove is three miles from Manhattan via the Lincoln Tunnel and proximate to Port Newark-Elizabeth and the Newark Liberty International Airport. 500 Meadowland Pkwy. is accessible via multiple New Jersey Turnpike exits, and multiple New Jersey arterials that connect to Interstates 80, 95 and 280 are easily accessible from the property.

Completed in 1977, the building has been renovated and expanded multiple times over the years. The original tenant, a large retailer that has occupied the property since 1978, uses the property as a distribution warehouse and office space. The building features 24- to 26-foot clear heights, 200 loading docks and substantial truck and car parking on site.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Thomas Didio.

‘HIMCO did a great job committing and closing this loan during this difficult time and looks forward to doing more business with such a strong borrower,’ stated Didio. ‘We are pleased to play a role in providing the financing for the borrower for this project.’

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients – whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

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