JLL arranges $11M financing of New Jersey data center
125,871-square-foot single-tenant data center leased to CyrusOne
MORRISTOWN, N.J., August 22, 2019 – JLL announced today that it has arranged $11 million in financing for 50 Madison Road, a 125,871-square-foot data center in Totowa, New Jersey.
JLL worked on behalf of the borrower, Russo Development, to place the 10-year, fixed-rate permanent loan with a life insurance company.
Completed in 2009, 50 Madison Road is a single-tenant data center that is fully leased to CyrusOne. The property is located close to State Routes 202 and 46 as well as Interstate 80 in the Northern New Jersey community of Totowa.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio.
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.
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Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Russo Development
Russo Development is one of the most active, privately held developers of industrial, data center, and multifamily properties serving the New Jersey market. Russo has earned a reputation for well-planned developments that are distinguished by their emphasis on detail and quality. Over its 50-year history, Russo has completed more than 8 million square feet of industrial projects and has become one of the largest owners of data center space in the New York metropolitan area. The firm has also completed approximately 2,000 rental apartments during the past several years and has a multi-family pipeline of over 3,500 units planned in various New Jersey communities over the next 5 years. To learn more about the firm’s philosophies and hallmarks, please visit russodevelopment.com.