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| 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.
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| Steven Klein |
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.”
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| Max Custer |
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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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