NEW JERSEY—Jones Lang LaSalle has secured $48 million in credit tenant lease financing on behalf of Hartz Mountain Industries Inc. The financing is for an industrial warehouse/bus maintenance complex in Newark.
A foreign CTL investor provided the 4.323 percent, fixed-rate, 24-year loan for the 21.7 acres of land and 638,092-sq.-ft. property. The property, known as 601 Doremus, is leased to New Jersey Transit Corporation through 2036.
Managing Director Joe Garibaldi and Executive Vice Presidents Bill Cavagnaro and Brion Haist led the Jones Lang LaSalle team on this transaction.
This type of credit tenant lease financing derives its proceeds from the direct sale of bonds to investors in the global capital markets, not from capital by commercial real estate lenders.