News release

$19.56M financing secured for industrial warehouse in the Meadowlands

JLL Capital Markets arranged financing for 305 Veterans Boulevard in Carlstadt, N.J.

February 20, 2023

Kristen Murphy

Capital Markets, Hotels & Hospitality and Value & Risk Advisory PR
+1 617 848 1572

MORRISTOWN, N.J., Feb. 20, 2022 – JLL Capital Markets announced today that it has arranged $19.56 million in acquisition financing for 305 Veterans Boulevard, a 109,775-square-foot warehouse and distribution facility in Carlstadt, Bergen County, New Jersey.

JLL worked on behalf of the borrower, Penwood Real Estate Investment Management, LLC, through its sixth value-added investment vehicle, Penwood Select Industrial Fund VI, L.P., in securing the three-year, floating-rate loan with Tristate Capital Bank.

The 109,775-square-foot property sits on a 3.5-acre parcel and features 22’ clear heights, six dock-high doors, one drive-in door, 78 parking spaces and a 438 kVA, 350 kW emergency backup generator able to power the entire building. The property was acquired vacant from a departing user and will be leased to a prospective warehouse/distribution tenant seeking space in the supply constrained Meadowlands submarket, one of the country’s premier industrial markets.

305 Veterans Boulevard benefits from its proximity to New York City and its access to major Northern New Jersey thoroughfares including the New Jersey Turnpike, Interstate 80 and Routes 3, 17 and 46.  As a result prospective tenants will be able to quickly and efficiently service a large portion of the New York Metro Area. Newark Liberty International Airport and The Port of New York and New Jersey are also approximately 15-miles from the Property, further solidifying this location as a premier transportation/logistics hub that provides distributors the ability to reach 72% of the U.S. population within a 24-hour drive (JLL Research), while helping to lower general distribution costs and accelerating the supply chain for businesses with time sensitive distribution needs.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Michael Klein, Director Max Custer and Associate Ryan Carroll. In addition, JLL’s Leasing team, comprised of Chris Hile, Michael Palmeri and David Knee, has the exclusive listing assignment.

“While the debt market continues to remain volatile, there is still ample liquidity for strong sponsors who own industrial properties in premier markets such as the Meadowlands, provided that the deals feature the right leverage and structure,” said Klein.

“TriState Capital Bank quickly recognized the merits of 305 Veterans Boulevard and put together an attractive financing proposal that will allow Penwood to execute its business plan,” added Custer.

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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Penwood Real Estate Investment Management, LLC

Penwood is an entrepreneurial real estate investment advisory firm dedicated to managing value-added real estate investments for the institutional market. Formed in 2003, the firm is a Registered Investment Adviser based in West Hartford, CT. Penwood combines experienced investment management with the local-market expertise of established strategic relationships and a disciplined management process to optimize value for investors. Penwood’s investment focus remains on value-add investment opportunities in the Global Gateway markets of Southern California and New York/New Jersey due to the diverse demand generators, inherent supply constraints, dominant seaports and unparalleled transportation infrastructure.