Summit Associates Secures Financing for 11-Building Industrial Portfolio in Northern NJ
The financing was announced by JLL Capital Markets, which worked on the deal on behalf of Summit to place eight uncrossed, fixed-rate loans with terms of 10, 12 and 15 years with a correspondent life insurance company.
EDISON, NJ—Locally-based Summit Associates has secured permanent financing for its fully-leased 11-building industrial portfolio totaling more than 947,000 square feet of space here.
The financing was announced by JLL Capital Markets, which worked on the deal on behalf of Summit to place eight uncrossed, fixed-rate loans with terms of 10, 12 and 15 years with a correspondent life insurance company.
No further terms or the values of the respective loans were disclosed.
The portfolio, which is located within Raritan Center, is comprised of 104 Sunfield Ave.; 305 Clearview Road; 523 Raritan Center Parkway; and 70, 75, 80, 85, 90, 95, 100 and 105 Newfield Ave. Built throughout the 1980s, the portfolio consists of single and multi-tenant buildings with ceiling heights ranging from 20 feet to 24 feet.
Raritan Center contains close to 15 million square feet of office, research, warehouse/distribution and light industrial space in more than 100 buildings with more than 3,000 tenants.
Amenities at the center include a large expo center, several hotels, three banks, a travel agency and a daycare center. The daily workforce at Raritan Center consistently exceeds 25,000. Raritan Center boasts convenient access to the New Jersey Turnpike, Garden State Parkway, I-287 and U.S. Routes 1 and 9.
The JLL Capital Markets team representing the developers was led by managing director Michael Klein and analyst Andrew Zilenziger.
“The relationship between the lender, the borrower and JLL and its predecessor company, HFF, dates back over 30 years. During this time, the lender has recognized the historical strength of the Raritan Center industrial market and SAI’s dominant position as a landlord within the park,” Klein says. “As a result, the lender was able to provide an extremely attractive loan structure that enabled the borrower to stager the loan maturities, not cross the individual loans, and take advantage of an attractive interest rate on a long-term basis.”