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. On behalf of the borrower – a joint venture between The Hampshire Companies and Invesco Real Estate – JLL worked to secure the fixed-rate loan with Nationwide.
The JLL Capital Markets team representing the borrower was led by senior managing directors Michael Klein, John Rose and Jon Mikula as well as associate Ryan Carroll. Fashion Logistics currently occupies all space at 333 North Street; they are a third-party logistics provider specializing in warehouse management, distribution and supply chain management services for lifestyle/fashion industries.
Klein commented on this transaction: “Despite current capital market challenges, well located industrial properties remain highly sought after by banks & life insurance companies alike.” He further noted that Nationwide’s familiarity with both sponsors & Meadowlands industrial market enabled them to close this loan quickly at an attractive rate plus provide prepayment flexibility.
