JLL arranges financing for Frassetto Companies' industrial assets

MORRISTOWN, NJ –  JLL Capital Markets announced today that it has arranged refinancing for two industrial properties totaling 143,265 square feet in Lincoln Park, New Jersey.

JLL worked on behalf of the borrower, The Frassetto Companies, to secure a 10-year, fixed-rate loan.

The properties, constructed by the sponsor in 1985, are both 100% leased to a diverse roster of 10 tenants. 600 Ryerson Road is a 105,242-square-foot multi-tenant facility situated on 9.64 acres featuring 22-foot clear heights, 16 exterior dock-high doors and 184 parking spaces. 6 Frassetto Way comprises 38,023 square feet on 3.42 acres with 22-foot clear heights, five dock-high doors, one drive-in door and 66 parking spaces.

Strategically located in the Eastern Morris County Industrial Submarket, the properties benefit from excellent access to Route 202, Route 46, Interstate 80 and Interstate 287, as well as proximity to Newark Liberty International Airport and the Port of New York and New Jersey.

The JLL Capital Markets team was led by Senior Managing Director Michael Klein, Director Ryan Carroll and Analyst Tyler Caricato.

"This financing opportunity presented a chance to secure funding for a best-in-class sponsor on two fully leased industrial assets in a strong Northern New Jersey submarket," said Klein. "The lending community expressed a lot of interest in this opportunity given its multi-tenancy, relatively long WALT and tenure of many of the tenants at the property.”

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.