Two industrial buildings in Northern New Jersey refinanced for $12.2M
JLL Capital Markets arranged financing for 481 and 491 Edward H. Ross Drive in Elmwood Park, N.J.
MORRISTOWN, N.J., Dec. 20, 2022 – JLL Capital Markets announced today that it has arranged $12.2 million in refinancing for 481 and 491 Edward H. Ross Drive, two single-tenant industrial properties totaling 113,700 square feet in Elmwood Park, New Jersey.
JLL worked on behalf of the borrower, Alfred Sanzari Enterprises Inc., in securing the 10-year, fixed-rate loan with Securian Asset Management, Inc. on behalf of the lender, Minnesota Life Insurance Company.
The properties, which are built out for medical lab use as a testing facility, are fully leased to a single tenant. 481 and 491 Edward H. Ross Drive offer 22’ clear heights, 30’x40’ column spacing, five dock-high doors, six grade-level doors, 177 parking spaces and 40,728 square feet of office space.
481 and 491 Edward H. Ross Drive are located minutes from the convergence of Interstate 80 and the New Jersey Turnpike (I-95), which are the primary east/west and north/south transportation corridors in Northern New Jersey. The buildings also have easy access to and from all major highways in the region, including the Garden State Parkway, State Highways 3, 4 and 17, U.S. 46 and the NY State Thruway. Furthermore, the properties are minutes from the George Washington Bridge and New York City, and 18 miles from Newark International Airport. As a result of this extensive connectivity, tenants can reach more than 50% of the U.S. population within a 24-hour drive.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Thomas R. Didio, Thomas E. Didio, Jr., Salvatore Buzzerio and Benjamin Morgenthal.
“We are pleased to work alongside Alfred Sanzari Enterprises Inc. to secure long-term fixed-rate financing with Securian Asset Management,” said Didio, Jr. “Securian recognized the strength of sponsorship and a growing relationship between the two firms and moved to close quickly in a choppy capital markets environment.”
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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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 September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Alfred Sanzari Enterprises Inc.
Alfred Sanzari Enterprises Inc. is a preeminent family-owned and operated commercial and residential real estate firm with over seven decades of multi-generational development and management experience. Rooted in integrity and driven by innovation, Alfred Sanzari Enterprises is committed to responsible, modern development that enhances the communities in which they work. Headquartered at Court Plaza in Hackensack, NJ, Alfred Sanzari Enterprises owns and manages over 6 million square feet of commercial, industrial, multifamily, and mixed-use real estate assets. The company’s ownership structure and investment strategy allows unique flexibility in sourcing new projects while strengthening their ownership legacy of existing assets. Additional information on Alfred Sanzari Enterprises is available online at www.sanzari.com.