News release

New York light industrial portfolio sale financed for $33.95M

April 20, 2021

JLL Capital Markets arranged the loan for the acquisition of the portfolio in infill Rockland County Industrial submarket

NEW YORK, April 20, 2021 – JLL Capital Markets announced today that it has arranged $33.95M in acquisition financing for a fully leased, three-building, value-add light industrial portfolio totaling 260,755 square feet in the Rockland County community of Valley Cottage, New York.

JLL worked on behalf of the borrower, a joint venture between Lincoln Equities Group and PCCP LLC, to place the five-year, fixed-rate, interest only loan with a life insurance company.

The properties are fully leased to 24 tenants and feature a flexible light industrial configuration, clear heights ranging from 20 to 32 feet, 18 dock doors, 22 drive-in doors and 25 percent office finish. The portfolio includes 23 acres of land for a future industrial development.

The portfolio is situated at 616 and 618 Corporate Way and 711 Executive Blvd. in Valley Cottage, which is approximately 25 miles northwest of Midtown Manhattan. The properties are situated just off Route 303 and proximate to U.S. route 9W, Interstate 287 and the Mario M. Cuomo Bridge, which serves as one of the most important corridors for commerce in the Northeast.

The JLL Capital Markets debt placement team representing the borrower was led by Senior Managing Directors Greg Nalbandian and Jon Mikula.

“The loan was placed with one of our national life insurance company relationships that met all of our requests, including full-term, interest-only at a 70% LTV and very aggressive debt yield with optimal prepayment flexibility,” Nalbandian said.

“This was another example of the strong demand for industrial product in our region,” Mikula added. “We were thrilled to help Lincoln and PCCP secure debt that complimented their business plan.”

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 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 $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Lincoln Equities Group

Lincoln Equities Group owns, operates, develops and manages commercial and residential properties throughout the tri-state area and Europe for its own account and for third-party owners.


PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $12.7 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta and Los Angeles, PCCP has a 22-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $25.2 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at