Dealmaker: JLL Secures $114M for Office, Industrial
JLL Capital Markets, Chicago, secured $114.3 million in financing for office and industrial assets in six markets.
In Florham Park, N.J., the firm arranged $30 million on behalf of Vision Properties and The Birch Group for 180 Park Avenue, a 228,350-square-foot office building. A team led by Senior Managing Director Greg Nalbandian placed the three-year floating-rate acquisition loan with CBRE Global Investors, Los Angeles.
Completed in 2001, 180 Park Avenue sits on 26.6 acres within The Green at Florham Park, a 268-acre master planned development home to Summit Medical Group, MD Anderson Cancer Center and the New York Jets. Located in Morris County, the three-story property is within 25 miles of both Newark Liberty Airport and New York City. Shipping company Maersk Inc. anchors the asset and occupies 75 percent of its space.
“This non-recourse financing demonstrates there is still very attractive debt capital for best-in-class sponsors who have a proven track record despite the market headwinds created by COVID,” said Nalbandian.
JLL Capital Markets also arranged $84.3 million in post-acquisition senior financing for a six-property industrial portfolio totaling 1.58 million square feet.
JLL represented borrower MDH Partners, Atlanta, and place the five-year floating-rate loan with Wells Fargo Bank N.A., San Francisco.
MDH Partners acquired the properties in separate transactions throughout the year. The portfolio included two Florida properties, 1350 NW 74th St. in Miami and 3115-3165 Lakewood Ranch Blvd. in Bradenton, along with 5300 Kennedy Road in Forest Park (metro Atlanta); 404, 420 A&B North Chimney Rd. in Greensboro, N.C.; 4565 W. Watkins Street in Phoenix and 3527-3539, 3543 Lamar Avenue in Memphis.
JLL Senior Managing Directors Christopher Drew and Ed Coco, Directors Maxx Carney and Carl Beardsley and Associate Reid Carleton placed the debt.
“The capitalization of this portfolio is a prime example of how industrial assets and exceptional borrowers continue to command superior interest from debt capital providers in a fragmented capital markets environment,” Carney said.
