Northern New Jersey Industrial project secures $33M in construction financing
JLL Capital Markets arranged financing for the development of the 314,413 SF Bridge Point East Hanover
MORRISTOWN, N.J. - October 17, 2022 – JLL Capital Markets announced today that it has arranged $33 million in construction financing for the development of Bridge Point East Hanover, an industrial warehouse and distribution project totaling 314,413 square feet in East Hanover, New Jersey.
JLL worked on behalf of the borrower, Bridge Industrial LLC, to secure the four-year, floating-rate loan through Hartford Investment Management Company, HIMCO.
Once completed the property will feature 32’ clear heights, 62 dock-high doors, 60 trailer parking spaces and 100 car parking spaces. Bridge Point East Hanover will serve as a premier distribution facility serving the densely populated Eastern Morris County and Western Essex County submarkets, among others.
The site sits at 11 Mt. Pleasant Ave. within the Eastern Morris Industrial submarket. Future tenants of the property will benefit from its proximity to other markets, including 25 miles west of New York City and 90 miles northeast of Philadelphia. Bridge Point East Hanover has exceptional access to key Northern New Jersey highways and logistics hubs, including I-80 (7 miles), I-287 (5 miles), I-280 (5 miles), Route 46 (6 miles), Route 10 (0.1 miles) and Route 202 (14 miles), as well as Newark Liberty International Airport (22 miles) and the Port of New York and New Jersey (29 miles). This access to major thoroughfares and transportation infrastructure gives prospective tenants the ability to reach 73% of the U.S. population within a 24-hour drive.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and Associate Ryan Carroll.
“JLL is pleased to have secured construction financing for this to-be-built Class A warehouse distribution project,” said Klein. “While the availability of construction financing continues to recede, money is available for premier developers such as Bridge Industrial.”
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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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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Bridge Industrial LLC
Founded in 2000, BRIDGE is a vertically integrated real estate operating company and investment manager focused on the development and acquisition of industrial properties in supply-constrained core markets in the U.S. and the U.K.
About Hartford Investment Management Company, HIMCO
HIMCO has been providing investment advice for over 40 years. With more than 135 investment professionals and approximately $113.3 billion in assets under management (as of June 30, 2022) across the fixed income, alternative and equity markets, the firm is able to deliver tailored investment strategies to insurance, sub-advisory and other institutional clients. HIMCO's broad capability set and experienced professionals allow it to develop strategies based on each client’s individual needs while also navigating various market environments.