JLL Capital Markets announced today that it arranged construction financing and joint venture equity for the development of Holbrook Logistics Center, a proposed, state-of-the-art, class-A distribution center totaling 108,023 square feet in Suffolk County, Long Island, New York.
JLL worked on behalf of the sponsor, Eagle Cliff Real Estate Partners (“Eagle Cliff”) to secure the construction loan with First Citizens Bank. PCCP provided joint venture equity for the project.
Located at 4955 Veterans Memorial Highway, the project will be designed to meet the needs of the most demanding users in the market, including e-commerce, third party logistics, distributors and wholesalers, food and beverage and other last-mile users. The proposed development will feature 36-foot clear heights, 22 loading positions, two drive-in doorways, 50×54 foot column spacing with a 60-foot-wide speed bay and 108 parking spaces.
Holbrook Logistics Center is located 35 miles east of New York City and JFK Airport, near the mid-point of Long Island. Holbrook is strategically bounded by the Long Island Expressway (I-495) to the north and Sunrise Highway (Route 27) to the south. The primary north/south highways of Long Island provide direct access to Manhattan, Brooklyn, Queens, JFK Airport and Long Island’s 7.7 million residents. Both highways are directly accessible from Veterans Memorial Parkway.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Jon Mikula and Vice President Michael Lachs.
“We were pleased to bring together a complete capital stack solution for Eagle Cliff. In a highly selective capital constrained environment, both PCCP and First Citizens Bank saw the exceptional quality of the project, its sponsorship and the strength of the local market” said Mikula. He further added “This transaction was a great example of the combined capabilities of the JLL platform. Multiple teams of JLL worked in concert to meet the expectations of our clients, while providing potential investors with the tools they needed to make critical and timely investment/underwriting decisions.”
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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