JLL Capital Markets arranged $39 million in acquisition financing for 333 North St., a warehouse and distribution facility totaling 221,448 square feet in Teterboro, NJ. The JLL team worked on behalf of the borrower – a joint venture between The Hampshire Companies and Invesco Real Estate – to secure the fixed-rate loan with Nationwide. Senior managing directors Michael Klein, John Rose and Jon Mikula led the JLL Capital Markets team along with associate Ryan Carroll.
The property is fully leased to Fashion Logistics; a third-party logistics provider specializing in warehouse management, distribution and supply chain management services for lifestyle & fashion industries. “Despite current market conditions” said Klein “well located industrial properties are highly sought after by banks & life insurance companies alike.” He continued “Nationwide’s prior experience with sponsors & understanding of Meadowlands industrial market allowed them to close this loan quickly at an attractive rate w/ prepayment flexibility.”
