JLL Capital Markets has arranged permanent financing for a fully leased industrial facility at 111 Fieldcrest Avenue in Edison, NJ, located in the Exit 10 submarket. A JLL team led by senior managing director Michael Klein, senior director Max Custer and analyst Kevin Badger represented the borrower, Summit Associates Inc., in securing the loan from a life insurance company lender. This latest closing marks the third time JLL has financed this building on behalf of the same ownership.
The property at 111 Fieldcrest Avenue is a modern industrial building constructed in 2006 on a 6.36-acre site. The asset totals 124,720 square feet and is fully leased, underscoring its position as a stabilized industrial holding in one of New Jersey’s most active logistics corridors. The facility’s industrial profile and occupancy status supported the case for long-term, permanent financing through an institutional lender.
The building sits within Raritan Center, described as one of the Northeast’s largest master-planned business parks. Raritan Center comprises approximately 13 million square feet across more than 100 buildings, creating a dense industrial and business environment that appeals to both occupiers and capital providers. The broader park setting enhances the asset’s connectivity to the Exit 10 submarket and its surrounding transportation infrastructure.
Commenting on the transaction, Klein noted that the Exit 10 submarket, and Raritan Center in particular, remains one of the most sought-after industrial submarkets in the state. He cited current occupancy of about 95% and a historical occupancy rate of roughly 97% as indicators of sustained tenant demand in this location. According to Klein, these occupancy levels helped make the financing opportunity an attractive proposition for potential lenders.
The combination of strong submarket fundamentals, a fully leased 124,720-square-foot building and the institutional scale of Raritan Center underpins the rationale for placing permanent life insurance company debt on the property. For Summit Associates Inc., the repeat engagement with JLL Capital Markets on this specific asset demonstrates an ongoing financing relationship and the ability to secure capital multiple times for the same industrial facility.
The transaction highlights the continued flow of debt capital into stabilized industrial properties in established logistics hubs such as Exit 10. By leveraging the property’s track record within one of the region’s largest master-planned business parks, JLL Capital Markets was able to match a life insurance company lender with a borrower seeking long-term, fixed permanent financing for a fully leased industrial asset.
