The Frassetto Companies refinances 4-building industrial portfolio

MORRISTOWN, N.J., September 30, 2020 – JLL Capital Markets announced today that it has arranged the refinancing of four industrial buildings totaling 257,949 square feet in the New York City metropolitan area towns of Pine Brook, New Jersey, and Valley Cottage, New York.

JLL worked on behalf of the borrower, The Frassetto Companies, to arrange financing for two buildings in Pine Brook and two buildings in Valley Cottage. Both 10-year, fixed-rate loans were placed with a life insurance company and were used to refinance existing debt.

The Pine Brook properties comprise the 76,326-square-foot facility at 9-11 Chapin Rd. and the 80,509-square-foot facility at 9-15 Riverside Dr., both of which are located along the Route 46 corridor approximately two miles from the intersection of Interstates 80 and 280. New York City, the Port of Newark-Elizabeth and Newark Liberty International Airport are all less than 25 miles from the facilities. The fully leased multi-tenant properties were constructed in 1980 and feature 22-foot clear heights, 12 loading docks, 12 drive-in doors and 10% office finish.

The Valley Cottage properties are the 52,908-square-foot facility at 707 Executive Blvd. and the 48,206-square-foot facility at 709 Executive Blvd. They are fully leased to seven tenants and feature 11 loading positions, 22-foot clear heights, ample parking and low office finish. Located just off Route 303, the Rockland County properties are approximately two and a half miles from U.S. Route 9W, three miles from Interstate 287 and less than six miles from the Andrew Cuomo Bridge. This location on the Hudson River is home to some of the best distribution space in the region.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Michael Klein.

“These high-quality properties have been nearly 100% occupied since their construction in the 1980s by the borrower, which is a testament to their prime location and the job that The Frassetto Companies does maintaining and managing the buildings, along with establishing long-lasting relationships with its tenants,” Klein said.  “We started marketing this portfolio in the midst of the pandemic but were easily able to garner interest from life insurance companies given the properties’ strong in-place and historical occupancy and relatively low leverage request.”

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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