Hartz Mountain Industries Inc., privately held real estate owners / developers headquartered in Secaucus, N.J., secured $48 million in credit tenant lease financing for an industrial warehouse/bus maintenance complex in Newark this month. According to a GlobeSt.com article, a foreign CTL investor provided a fixed-rate, 24-year loan at 4.32 % interest for the the property at 601 Doremus, which is leased to New Jersey Transit Corporation through 2036.
"This was an extremely complex financing assignment for a very unique property that involved a modified industrial condominium," said Joe Garibaldi, managing director of Jones Lang LaSalle's Capital Markets team, which brokered the deal on behalf of Hartz. "The loan provides financing for a critical facility for New Jersey Transit, in which the entire city's buses are maintained."
For more news and information visit Blumberg Capital Partners.
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