JLL Capital Markets lead financing efforts for 9-prop. industrial portfolio in Northern NJ & FL

Updated: Feb 17

MORRISTOWN, NJ — JLL Capital Markets has secured $32.75 million in permanent financing for a nine-property industrial portfolio, aggregating 410,000 s/f and located in key industrial submarkets in Northern New Jersey and South Florida.

JLL worked on behalf of the borrower, Seagis Property Group LP, to secure the financing through Nuveen Real Estate.

The portfolio consists of smaller industrial buildings, each less than 100,000 s/f, that are in high demand and well-suited to the local tenant bases. As such, the portfolio is 100% leased overall to 18 diverse tenants. All of the properties are positioned within preferred infill locations in high demand industrial submarkets, including Secaucus/North Bergen and Carteret/Avenel in Northern New Jersey, and Miami-Dade County in South Florida.

The JLL Capital Markets team representing the borrower was led by senior managing directors Jim Cadranell and Gregory Nalbandian and director Maxx Carney.

“It was a great pleasure to work with both Seagis and Nuveen Real Estate to structure this attractive rate, full term interest-only financing in the midst of the ongoing pandemic,” said Cadranell.

In other JLL news, JLL Capital Markets has arranged acquisition financing and sourced new equity for the Valora at Homewood multi-housing property near Birmingham, AL.

JLL worked on behalf of the borrower, Brick Lane LLC, to assume the existing 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender. In addition, JLL secured equity financing from National Property REIT Corporation (NPRC) for Brick Lane. This marks the third deal completed between Brick Lane and NPRC.


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