News release

$40M financing secured for industrial warehouse in central New Jersey

JLL Capital Markets arranged acquisition financing for 201 Elizabeth St. in Bordentown, NJ

November 30, 2022

Kristen Murphy

Investor PR, Capital Markets, Hotels, Property Management, Valuation Advisory, Agency Leasing
+1 617 848 1572

MORRISTOWN, N.J. – November 30, 2022 – JLL Capital Markets announced today that it has arranged $40 million in acquisition financing for 201 Elizabeth St., a 274,197-square-foot warehouse and distribution facility in Bordentown, Burlington 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 the Real Estate Finance group at CIT, a division of First Citizens Bank.

The 33.9-acre property has 22’-24’ clear heights, 16 dock-high doors, two drive-in doors, a 215’ truck court, 42’ x 38’ column spacing, 116 car parking spaces and 67 trailer parking spaces. The property is currently leased on a short-term basis with plans to implement a strategic capital improvement plan in early 2023.

201 Elizabeth St. benefits from its position near key highways including the New Jersey Turnpike, Interstate 295 and Routes 1, 206 and 130. As a result, tenants can supply three of the region’s largest population centers, Philadelphia, New York City and Baltimore/Washington, D.C., within a two-hour drive. This access to major thoroughfares provides the ability to reach 73% of the U.S. population within a twenty-four-hour drive. The Philadelphia International Airport, the Port of Philadelphia, Newark Liberty International Airport and the Port of New York and New Jersey are all less than 60 miles from the warehouse.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein, Director Max Custer and Associate Ryan Carroll.

“Penwood is in a great position to implement an extensive capital improvement program to the property that will help attract tenants and allow them to capitalize on the market’s low vacancy and growing asking rents,” said Klein.

“CIT’s Real Estate Finance team was able to quickly grasp Penwood’s business plan and put together an attractive financing proposal that will fund the transformation of 201 Elizabeth St. into a well-located, highly functional warehouse and distribution facility,” 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.