JLL Capital Markets announced today that it has arranged $33 million in construction financing for the development of Bridge Point East Hanover, an industrial warehouse and distribution project totaling 314,413 square feet in East Hanover, New Jersey.
JLL worked on behalf of the borrower, Bridge Industrial LLC, to secure the four-year, floating-rate loan through Hartford Investment Management Company, HIMCO.
Once completed the property will feature 32’ clear heights, 62 dock-high doors, 60 trailer parking spaces and 100 car parking spaces. Bridge Point East Hanover will serve as a premier distribution facility serving the densely populated Eastern Morris County and Western Essex County submarkets, among others.
The site sits at 11 Mt. Pleasant Ave. within the Eastern Morris Industrial submarket. Future tenants of the property will benefit from its proximity to other markets, including 25 miles west of New York City and 90 miles northeast of Philadelphia. Bridge Point East Hanover has exceptional access to key Northern New Jersey highways and logistics hubs, including I-80 (7 miles), I-287 (5 miles), I-280 (5 miles), Route 46 (6 miles), Route 10 (0.1 miles) and Route 202 (14 miles), as well as Newark Liberty International Airport (22 miles) and the Port of New York and New Jersey (29 miles). This access to major thoroughfares and transportation infrastructure gives prospective tenants the ability to reach 73% of the U.S. population within a 24-hour drive.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and Associate Ryan Carroll.
“JLL is pleased to have secured construction financing for this to-be-built Class A warehouse distribution project,” said Klein. “While the availability of construction financing continues to recede, money is available for premier developers such as Bridge Industrial.”
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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