News release

Pennsylvania and New Jersey industrial portfolio refinanced for $16.86M

JLL Capital Markets arranged the financing for Denholtz Properties’ six-building portfolio in the Lehigh Valley and Northern New Jersey

May 27, 2021

MORRISTOWN, N.J., May 27, 2021JLL Capital Markets announced today that it has arranged a $16.86 million refinancing for a multi-tenant industrial portfolio totaling 258,123 square feet across six buildings in the Lehigh Valley and in Toms River, New Jersey.

JLL worked on behalf of the borrower, Denholtz Properties, to place two separate 10-year, fixed-rate, non-recourse loans with Minnesota Life Insurance Company.

The portfolio, which is home to 58 tenants, includes two fully leased buildings in the Lehigh Valley, which consist of a 98,291-square-foot property at 7036 Snowdrift Rd. in Upper Macungie and a 65,205-square-foot, single-story property at 969 Postal Rd. in Allentown. The four-building Northampton Business Park at 1545-1575 Route 37 West in Toms River totals 94,627 square feet and is 97% leased. The portfolio features clear heights ranging from 12 to 20 feet, 28 loading docks, 64 drive-in doors and were completed between 1982 and 1985.

The Lehigh Valley is widely recognized as one of the top industrial markets in the United States due to its strong logistical capabilities to reach the largest population base in the country within a one day’s drive. Northampton Business Park is within New Jersey’s Ocean County Industrial submarket, which benefits from proximity to major highways and a dense population that increases demand for small space industrial product.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein, Director Michael Pagniucci and Analyst Gerard Quinn.  

“Demand for quality industrial product in this region continues at unprecedented levels,” Mikula said.  “Lender interest in this transaction was diverse and aggressive.”

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 in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Denholtz Properties 

Denholtz Properties is a privately held, vertically integrated commercial real estate investment and development company with a diversified portfolio of assets in strategic markets. Based in Red Bank, N.J. with a regional headquarters in Orlando, Fla., Denholtz Properties specializes in the acquisition and development of ground-up multifamily, industrial/flex and office properties.

Driven by an entrepreneurial spirit and a commitment to excellence, Denholtz Properties has continuously evolved over its 70-year history to consistently provide outsized investment returns. Additional information for Denholtz Properties is available online at