Denholtz Properties has refinanced a six-building industrial portfolio across the Lehigh Valley and New jersey with a $16.86 million loan
JLL worked on behalf of Denholtz to place two separate 10-year, fixed-rate, non-recourse loans with Minnesota Life Insurance Company.
The money will refinance a multi-tenant industrial portfolio totaling 258,123 s/f which is home to 58 tenants. It includes two fully leased buildings in the Lehigh Valley, which consist of a 98,291 s/f property at 7036 Snowdrift Rd. in Upper Macungie and a 65,205 s/f single-story property at 969 Postal Rd. in Allentown. The four-building Northampton Business Park at 1545-1575 Route 37 West in Toms River totals 94,627 s/f and is 97 percent leased.
The portfolio features clear heights ranging from 12 to 20 feet, 28 loading docks, 64 drive-in doors and were completed between 1982 and 1985.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein, Director Michael Pagniucci and Analyst Gerard Quinn.
“Demand for quality industrial product in this region continues at unprecedented levels,” Mikula said. “Lender interest in this transaction was diverse and aggressive.”