Deutsche Pfandbriefbank Provides $66M Refi for JP Morgan NJ Industrial Portfolio
J.P. Morgan Asset Management has secured a $66 million refinance for its Greater Meadowlands Industrial Portfolio, Commercial Observer has learned.
Deutsche Pfandbriefbank provided the debt in a transaction arranged by Cushman & Wakefield’s Steven Kohn, John Alascio, Sridhar Vankayala, Chuck Kohaut, TJ Sullivan and Maya Steinberger.
The portfolio includes six properties comprising 591,349 square feet in Carlstadt, Lyndhurst and Union, N.J. Located at 320 Veterans Boulevard, 325 Gotham Parkway, 425 Gotham Parkway, 599 Gotham Parkway, 300 Chubb Avenue and Bridgepoint Port West, the properties are currently 100 percent triple net leased to seven tenants.
“Notwithstanding the volatile lending market this past spring, the combination of property type, location, tenancy and strong sponsorship resulted in a highly-competitive capital markets execution,” Kohn said.
The industrial sector, red hot before COVID-19’s onset, has only increased in popularity since the pandemic took hold, with industrial properties firmly being viewed as debt and equity safe haven investments.
This particular portfolio has easy access to Midtown Manhattan, the George Washington Bridge, Lincoln Tunnel, Holland Tunnel, New Jersey Turnpike and Route 3.
“New Jersey’s industrial market continues to be highly sought-after by lenders, particularly for top-tier sponsors,” Vankayala added. “Our team ran a robust marketing process highlighting these strengths and drove multiple attractive offers.”