Hartz Mountain has refinanced a Meadowlands distribution center with a $25 million loan from Hartford Investment Management Company (HIMCO).
JLL Capital Markets arranged the for the 706,487 s/f distribution center at 500 Meadowland Pkwy in Secaucus, New Jersey.
Fully leased to Macy’s as a logistics and distribution hub, the property is situated on 32.475 acres within the 750-acre Harmon Cove development, which was developed by Harz in the 1970s.
Harmon Cove is three miles from Manhattan via the Lincoln Tunnel and proximate to Port Newark-Elizabeth and the Newark Liberty International Airport. 500 Meadowland Pkwy. is accessible via multiple New Jersey Turnpike exits, and multiple New Jersey arterials that connect to Interstates 80, 95 and 280 are easily accessible from the property.
JLL placed a fixed-rate loan with Hartford Investment Management Company (HIMCO). JLL will service the loan, proceeds of which will be used to refinance the existing debt.
Completed in 1977, the building has been renovated and expanded multiple times over the years. Macy’s has occupied the property since 1978 and uses the property as a distribution warehouse and office space. The building features 24- to 26-foot clear heights, 200 loading docks and substantial truck and car parking on site.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Thomas Didio.
“HIMCO did a great job committing and closing this loan during this difficult time and looks forward to doing more business with such a strong borrower,” stated Didio. “We are pleased to play a role in providing the financing for the borrower for this project.”
