News release

$110M secured for Essex County industrial building

JLL Capital Markets arranged the financing for the distribution facility

January 07, 2022

Kimberly Steele

Capital Markets, Agency Leasing and Valuation Advisory PR
+1 713 852 3420

MORRISTOWN, N.J., Jan. 7, 2022 – JLL Capital Markets announced today that it has arranged $110 million in permanent financing for an approximately 850,000 square-foot warehouse and distribution facility leased to a credit tenant in Newark, New Jersey.

JLL worked on behalf of the borrower to place the 15-year, fixed-rate, non-recourse loan with a correspondent life insurance company.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Thomas R. Didio, Director Thomas E Didio, Jr. and Associate Ryan Carroll.

“Debt capital sources have never been hungrier for institutional-quality, infill warehousing and distribution facilities,” Didio, Jr. said. “JLL is pleased to have worked alongside the borrower to deliver aggressively priced 15-year debt through our correspondent life company network.”

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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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.