$34.5M financing secured for industrial development in Northeast New Jersey

MORRISTOWN, N.J., Apr. 6, 2023 – JLL Capital Markets announced today that it has arranged $34.5 million in construction financing for the development of 30 Cross Street, a two-building warehouse and distribution center totaling 187,530 square feet in Bogota and Ridgefield Park, New Jersey.

JLL represented the borrower, a joint venture between Invesco Real Estate, a global real estate investment manager, and The Hampshire Companies, to secure the three-year, floating-rate loan with extension options through Texas Capital Bank.

Upon completion, the property will be comprised of two buildings totaling 187,530 square feet that feature 36-foot clear ceilings, 52 by 50-foot column spacing, 21 dock-high doors and 268 automobile parking spaces.

The 11.71-acre site offers unparalleled access to New York City via the George Washington Bridge, and has exceptional access to major Northern New Jersey thoroughfares, including the New Jersey Turnpike and Interstates 78 and 80. Newark Liberty International Airport and the Port of New York and New Jersey are nearby as well. This access to major transportation infrastructure will allow future tenants to reach 72% of the U.S. population within a 24-hour drive.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Michael Klein, John Rose and Jon Mikula and Associate Ryan Carroll.

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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