JLL arranges $9.35M financing for Pennsylvania industrial portfolio
Foxfield Industrial completes construction of and finances the bulk warehouse distribution facility in Elizabethtown
PHILADELPHIA, May 13, 2020 – JLL Capital Markets announced today that it has arranged a $9.3 million first mortgage financing for two newly completed and partially leased Class A bulk warehouse distribution facilities totaling 198,721 square feet in the central Pennsylvania community of Elizabethtown.
JLL worked on behalf of the borrower, Foxfield Industrial, to place the floating-rate bank loan. Loan proceeds will primarily be used to recapitalize construction costs and provide leverage through stabilization.
Situated on 20.34 acres, the industrial portfolio is located at 1405 and 1473 Zeager Rd. in Elizabethtown. The buildings are in the Central Pennsylvania Industrial submarket in an area that is an established modal transfer point, as highways, railroads and air traffic come together to provide easy, quick and reliable access to all the major Northeast markets. The Zeager Road buildings are at the confluence of Interstates 81, 76 (Pennsylvania Turnpike), 78 and 83, which are four of the busiest regional highways in
Pennsylvania, and have immediate access to Interstate 81, one of the most important logistical corridors in the United States. Completed in 2019, the state-of-the-art buildings feature single-side load configurations, 21 dock doors (expandable by 10), concrete tilt-up construction, 32-foot clear heights at the first column, LED lighting and four drive-in doors.
The JLL Capital Markets debt placement team was led by Director Michael Pagniucci.
“The strong lender interest in this financing opportunity is a testament to both the sponsorship involved and the strength of industrial as an asset class,” Pagniucci said.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
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 $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Foxfield Industrial
Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures, is a real estate operating company focused on the acquisition and operation of industrial properties throughout the Mid-Atlantic and the Southeast United States. The partnership aims to provide compelling, absolute investment returns while maintaining a margin of safety.
Foxfield and its affiliates currently manage three million square feet in existing assets and development projects.
Learn more at Foxfieldindustrial.com or follow Foxfield on Instagram: @foxfieldindustrial, LinkedIn or Twitter @foxfieldind.
About Novaya Real Estate Ventures
Novaya Real Estate Ventures is a leading real estate investment firm based in Boston. Driven to be its clients’ most trusted and dependable real estate investment partner, Novaya Real Estate Ventures applies its vast collective interdisciplinary experiences to deliver superior risk-adjusted returns. Bringing a valued market perspective, and a proactive investment strategy, Novaya looks over the horizon to uncover opportunities and unlock potential.