New distribution facility in Northern New Jersey refinanced with $15M permanent financing
JLL Capital Markets arranged the loan for the East Hanover single-tenant, New Vernon Equities-owned property net leased to a biotech company
MORRISTOWN, N.J., November 28, 2022 – JLL Capital Markets announced today that it has arranged the $15 million in permanent financing for a newly built, 75,500-square-foot, state-of-the-art, logistics facility that is 100% leased to GenScript USA in the Northern New Jersey community of East Hanover, New Jersey.
Positioned on 11.25 acres at 30 Farinella Dr., the facility is in Eastern Morris Industrial submarket and has exceptional access to key Northern New Jersey highways, infrastructure and logistics hubs, along with connectivity to New York City, which is 26 miles away.
30 Farinella Dr. was completed in 2021 to modern standards with best-in-class features that offer a 36-foot clear height, 13 dock-high doors and 83 parking stalls. GenScript USA, a global biotechnology company best known for its gene synthesis capabilities, occupies the single-story property on a long-term triple net lease. GenScript will make additional investments to utilize the space as a GMP manufacturing facility.
“Even with all the volatility in the capital markets, we continue to see tremendous interest from the lending community for well-located, institutional quality industrial assets with strong sponsors,” said Pizzolato. “30 Farinella was no exception, and we were able to negotiate very attractive terms with our correspondent life company relationship earlier this year prior to the market volatility that allowed our client to lock in a very favorable interest rate via a forward rate lock.”
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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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 jll.com.
About New Vernon Equities
Founded in 2019 by Michael Petillo, Michael Mackessy and Peter Gilpatric, NVE acquires, develops and manages properties that offer enhanced community environs consistent with local master plans and zoning. Projects create local economic development opportunity and deliver tenant satisfaction with innovative and sustainable spaces. New Vernon Equities generates exceptional returns for Principals, partners and investors. Learn more at newvernonequities.com