September 24, 2020
JLL Capital Markets arranged a $25-million refinancing for a fully leased, 706,487-square-foot distribution center at 500 Meadowland Pkwy. in Secaucus, NJ.
A team led by Thomas Didio worked on behalf of the borrower, 500 Meadowland Parkway, LLC, to place a fixed-rate loan with Hartford Investment Management Company (HIMCO). JLL will service the loan, proceeds of which will be used to refinance the existing debt.
“HIMCO did a great job committing and closing this loan during this difficult time and looks forward to doing more business with such a strong borrower,” Didio said.
Completed in 1977, the building has been renovated and expanded multiple times over the years. The original tenant, a large retailer that has occupied the property since 1978, uses it as a distribution warehouse and office space. The building features 24- to 26-foot clear heights, 200 loading docks and substantial truck and car parking onsite.
For comments, questions or concerns, please contact Paul Bubny