JLL Capital Markets announced today that it has arranged $12.2 million in refinancing for 481 and 491 Edward H. Ross Drive, two single-tenant industrial properties totaling 113,700 square feet in Elmwood Park, New Jersey.
JLL worked on behalf of the borrower, Alfred Sanzari Enterprises Inc., in securing the 10-year, fixed-rate loan with Securian Asset Management, Inc. on behalf of the lender, Minnesota Life Insurance Company.
The properties, which are built out for medical lab use as a testing facility, are fully leased to a single tenant. 481 and 491 Edward H. Ross Drive offer 22’ clear heights, 30’x40’ column spacing, five dock-high doors, six grade-level doors, 177 parking spaces and 40,728 square feet of office space.
481 and 491 Edward H. Ross Drive are located minutes from the convergence of Interstate 80 and the New Jersey Turnpike (I-95), which are the primary east/west and north/south transportation corridors in Northern New Jersey. The buildings also have easy access to and from all major highways in the region, including the Garden State Parkway, State Highways 3, 4 and 17, U.S. 46 and the NY State Thruway. Furthermore, the properties are minutes from the George Washington Bridge and New York City, and 18 miles from Newark International Airport. As a result of this extensive connectivity, tenants can reach more than 50% of the U.S. population within a 24-hour drive.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Thomas R. Didio, Thomas E. Didio, Jr., Salvatore Buzzerio and Benjamin Morgenthal.
“We are pleased to work alongside Alfred Sanzari Enterprises Inc. to secure long-term fixed-rate financing with Securian Asset Management,” said Didio, Jr. “Securian recognized the strength of sponsorship and a growing relationship between the two firms and moved to close quickly in a choppy capital markets environment.”
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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