The seven buildings covered by the refinancing, which total nearly 930,000 sf, are situated on more than 40 acres at the intersection of the New Jersey Turnpike and Route 3 in the Meadowlands submarket. All of the individual buildings, which are about three miles from Manhattan and 10 miles from Newark Liberty International Airport, are primarily industrial with ancillary office build-out space for management operations.
"We were able to structure a financing for the borrower that met their pricing expectations," Didio says. "The financing also met their flexibility requirements associated with the portfolio financing."
"The industrial market has been great," Didio tells GlobeSt.com. "It's solid, and there are deals being done without interruption. We're seeing people who are now more willing to finance deals than they were six to 12 months ago. It's all driven by the continuing demand to invest in real estate, because the yields in other instruments are not that good.
"There's a lot of uncertainty in the economy--oil prices, the election, unemployment, earnings," Didio continues. "I was surprised at how well the real estate market has weathered all of that, but I think it goes back to the fundamentals. On the industrial side in particular, we don't have a large amount of vacant space in the market."
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