New Jersey mega-distribution center receives $25M refinancing
JLL Capital Markets arranged the loan for 500 Meadowland Parkway, L.L.C
MORRISTOWN, N.J., September 23, 2020 – JLL Capital Markets announced today that it has arranged a $25 million refinancing for the fully leased, 706,487-square-foot distribution center at 500 Meadowland Pkwy. in the suburban New York City community of Secaucus, New Jersey.
JLL worked on behalf of the borrower, 500 Meadowland Parkway, L.L.C., to place a fixed-rate loan with Hartford Investment Management Company (HIMCO). JLL will service the loan, proceeds of which will be used to refinance the existing debt.
The property is situated on 32.475 acres within the 750-acre Harmon Cove development, which was developed by the borrower. Harmon Cove is three miles from Manhattan via the Lincoln Tunnel and proximate to Port Newark-Elizabeth and the Newark Liberty International Airport. 500 Meadowland Pkwy. is accessible via multiple New Jersey Turnpike exits, and multiple New Jersey arterials that connect to Interstates 80, 95 and 280 are easily accessible from the property.
Completed in 1977, the building has been renovated and expanded multiple times over the years. The original tenant, a large retailer that has occupied the property since 1978, uses the property as a distribution warehouse and office space. The building features 24- to 26-foot clear heights, 200 loading docks and substantial truck and car parking on site.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Thomas Didio.
“HIMCO did a great job committing and closing this loan during this difficult time and looks forward to doing more business with such a strong borrower,” stated Didio. “We are pleased to play a role in providing the financing for the borrower for this project.”
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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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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About HIMCO
Hartford Investment Management Company (HIMCO) has been providing investment advice for over 35 years. With more than 130 investment professionals and approximately $95 billion in assets under management across the fixed income, equity and alternatives markets, HIMCO delivers tailored strategies to insurance, sub-advisory and other institutional clients.
HIMCO’s investment philosophy is centered on the pursuit of investment excellence and centered on each client’s success. Its mission is to provide tailored investment solutions to clients, balancing innovation with disciplined risk management, conviction with deliberation and fundamental research with macroeconomic insight. HIMCO bases its work on a foundation of uncompromising integrity.
HIMCO utilizes a balanced top-down, bottom up investment process, with macro strategy, sector rotation and security selection as the three main sources of performance. A consistent quantitative framework in conjunction with qualitative inputs and disciplined fundamental analysis inform portfolio construction. Finally, risk management is integrated into our process to help achieve consistent outcomes.
The company’s broad capability set allows it to customize strategies for individual client needs while navigating various market environments. HIMCO offers holistic as well as sector-specific capabilities to enhance your portfolio.