JLL Arranges Loans for Refinancing of 257,949 SF Industrial Portfolio in New Jersey
MORRISTOWN, N.J. — JLL has arranged two loans of undisclosed amounts for the refinancing of a four-building, 257,949-square-foot industrial portfolio in Morristown, about 30 miles west of New York City. Built in the 1980s, the properties are located in the towns of Pine Brook and Valley Cottage. Collectively, the four buildings were close to fully occupied at the time of the loan closings. Michael Klein led a JLL team that placed the nonrecourse loans, both of which were structured with 10-year terms and fixed interest rates, through an undisclosed life insurance company. The borrower was The Frassetto Companies, a family-owned and operated developer in the Tri-State area.