Done Deals: New York industrial demand continues to drive new developments

Saturday, April 3, 2021

New York industrial demand continues to drive new developments

Michael Klein

MORRISTOWN, NJ – JLL Capital Markets announced it has arranged construction financing for the development of a Class A, 76,000-square-foot, state-of-the-art speculative warehouse and distribution facility in Wallkill, New York.

JLL worked on behalf of the borrower, The Frassetto Companies, to place the three-year, fixed-rate loan with Columbia Bank.

Loan proceeds will be used to construct the facility, which is expected to be completed by the end of the year.

The facility will be constructed on 5.1 acres at 103 Tower Dr. in Wallkill, a suburban New York City community positioned in western Orange County less than 1.5 miles from the “Golden Triangle” of interstates, an intersection of Interstates 84 and 18 and Route 6, named for its appeal to distribution and warehousing tenants.

Steven Klein

The facility’s state-of-the-art features will include 36-foot clear heights, 10 overhead tailboard loading doors with dock levelers and mechanical openers, wide column spacing, ample vehicle parking, modern fire safety and lighting systems, steel tilt-up construction and appealing façade with masonry block.

The JLL Capital Markets team representing the sponsor was led by Senior Managing Director Michael Klein and Director Max Custer along with Managing Director Steven Klein.

"JLL is pleased to have arranged another loan on behalf of long-time client, The Frassetto Companies,” Michael Klein said. “This loan demonstrates that the lending market continues to build a comfort level with speculative industrial projects being constructed by experienced developers in strong locations throughout the New York Metropolitan area.”