Construction financing and JV equity secured on behalf of Eagle Cliff Real Estate Partners for Holbrook Logistics Center

MORRISTOWN, N.J., June 20, 2023 –  JLL Capital Markets announced today that it arranged construction financing and joint venture equity for the development of Holbrook Logistics Center, a proposed, state-of-the-art, class-A distribution center totaling 108,023 square feet in Suffolk County, Long Island, New York.

JLL worked on behalf of the sponsor, Eagle Cliff Real Estate Partners (“Eagle Cliff”) to secure the construction loan with First Citizens Bank. PCCP provided joint venture equity for the project.

Located at 4955 Veterans Memorial Highway, the project will be designed to meet the needs of the most demanding users in the market, including e-commerce, third party logistics, distributors and wholesalers, food and beverage and other last-mile users. The proposed development will feature 36-foot clear heights, 22 loading positions, two drive-in doorways, 50x54 foot column spacing with a 60-foot-wide speed bay and 108 parking spaces.

Holbrook Logistics Center is located 35 miles east of New York City and JFK Airport, near the mid-point of Long Island. Holbrook is strategically bounded by the Long Island Expressway (I-495) to the north and Sunrise Highway (Route 27) to the south. The primary north/south highways of Long Island provide direct access to Manhattan, Brooklyn, Queens, JFK Airport and Long Island's 7.7 million residents. Both highways are directly accessible from Veterans Memorial Parkway.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Jon Mikula and Vice President Michael Lachs.

“We were pleased to bring together a complete capital stack solution for Eagle Cliff. In a highly selective capital constrained environment, both PCCP and First Citizens Bank saw the exceptional quality of the project, its sponsorship and the strength of the local market” said Mikula. He further added “This transaction was a great example of the combined capabilities of the JLL platform. Multiple teams of JLL worked in concert to meet the expectations of our clients, while providing potential investors with the tools they needed to make critical and timely investment/underwriting decisions.”

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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Eagle Cliff Real Estate Partners is a private investment firm focused on real estate opportunities across diversified asset classes in the Northeast and Mid-Atlantic region of the US. Eagle Cliff creates value through collaborative partnerships, thoughtful investment structuring, and undertaking a hands-on approach to operations and development management. Eagle Cliff is managed by Paul Teti and Giorgios Vlamis and invests capital on behalf of both family offices and institutional partners. Over the past 20 years the Eagle Cliff management team has been part of building, improving, and monetizing both real estate investments and operating companies.

PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments.  PCCP has $21.8 billion in assets under management on behalf of institutional investors.  With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 25-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements.  PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $37.3 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures.  PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.