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| 500 Meadowland Parkway, Secaucus, NY |
MORRISTOWN, NJ – JLL Capital Markets announced it has arranged a $25 million refinancing for the fully leased, 706,487-square-foot distribution center at 500 Meadowland Pkwy. in the suburban New York City community of Secaucus, New Jersey.
JLL
worked on behalf of the borrower, 500 Meadowland Parkway, L.L.C., to place 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.
The property is situated on 32.475 acres within the
750-acre Harmon Cove development, which was developed by the borrower.
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| Thomas Didio |
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.
Completed in 1977, the building has been renovated and
expanded multiple times over the years. The original tenant, a large retailer
that has occupied the property since 1978, 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.”
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visit our newsroom.
CONTACT:
Kimberly
Steele
Senior
Associate, Public Relations
JLL
Capital Markets
9
Greenway Plaza, Suite 700
Houston,
TX 77046
T
+1 713 852 3420
M
+1 832 244 9994
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