News release

Industrial complex near Port Newark refinanced with $12M loan

JLL Capital Markets arranged the refinancing of the fully leased property in Newark, N.J.

January 05, 2022

Kimberly Steele

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

MORRISTOWN, N.J., Jan. 5, 2022 – JLL Capital Markets announced today that it has arranged a $12 million facility for Port Newark Junction, a fully leased, six-building, 154,149-square-foot industrial complex near Port Newark in Newark, New Jersey.

JLL worked on behalf of the developer, SilverTree Commercial Real Estate, to place the three-year, facility loan with Provident Bank.

Situated on 13.81 acres at 150 St. Charles St., Port Newark Junction is along US Route 9 on the eastern side of Newark, which offers unmatched access to Port Newark and Newark Liberty International Airport. This irreplaceable location also provides the tenants access to service more than nine million residents within 15 miles and 58 million consumers within a five-hour drive. The property is within the highly sought-after Port submarket, the largest submarket in Northern New Jersey, which, according to JLL Research has a vacancy of only 1.4 percent.

Port Newark Junction is fully leased to three tenants, including Waste Management, which uses the property for its mission-critical operations. The buildings feature clear heights ranging from 15 to 25 feet with ample on-site truck parking.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and Associate Gerard Quinn.

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.