The Hampshire Companies LLC is the borrower for the 41,115-square-foot building at 9 Porete Ave., Bergen County, N.J.
JLL Capital Markets arranged construction financing from Glacier Credit Strategies for a 41,115-square-foot industrial project at 9 Porete Ave. in North Arlington, Bergen County, N.J., Connect CRE reported on Oct. 9.
JLL senior managing directors Michael Klein and Jon Mikula and senior analyst Kevin Badger worked on behalf of The Hampshire Companies LLC to secure the financing, according to the report.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections
The 132,055-square-foot building, completed in 2023, was sold by Bluewater Property Group and Affinius Capital.
Leasing and capital improvements at the fully leased campus lifted net operating income more than 170 percent, JLL said.
Grocery-anchored and power centers now trade within about 50 basis points of each other, he told IREI.
Bridge Investment Group and Pacific Development borrowed the bridge loan, which funded an interest reserve and returned equity.
Bridge, Declaration Partners and Avery Hall are the sponsors; coupon and spread were not disclosed.
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