10A — April 10 - 23, 2020 — Financial Digest — M id A tlantic Real Estate Journal
www.marej.com
F inancial D igest
Provident Bank provides 10-year forward permanent loan for a class A property in Red Bank, NJ Fishel, Mikula and Van Cleef of JLL arrange $111 million financing for PA logistics center A
LLENTOWN, PA — JLL Capital Mar- kets has arranged $111 million in financing for Park 100 Logistics Center, a newly constructed 730,080 s/f distribution facility and an adjacent 811,200 s/f produc - tion facility that is under con - struction in the Lehigh Valley community of Allentown. JLL worked on behalf of the borrower, a partnership between GLP Capital Part- ners (GCP) and Ridgeline Property Group , to place the three-year, floating-rate loan with Wells Fargo Bank.
The Rail @ Red Bank in Red Bank, NJ
Park 100 Logistics Center in Allentown
Park 100 Logistics Center, which is being completed in two phases this year, features 36-foot clear height, 190-foot
dual truck courts, ESFR sprin - kler system, 56-by-50-foot column spacing, 70-foot speed bays, 982 car spaces and 376
trailer spaces. Additionally, the property is rail served via Norfolk Southern. The JLL Capital Markets
team representing the borrow - er was led by senior managing directors Bill Fishel and Jon Mikula and analyst Connor Van Cleef . “We were excited to be able to assist Ridgeline and GCP with their newest project in the Lehigh Valley,” Fishel said. “The Lehigh Valley contin - ues to be a significant and important location for dis - tribution in the Northeast and Mid-Atlantic states, and lenders are actively seeking opportunities to participate,” Mikula added. Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas (IL) LP. MORRISTOWN, NJ —JLL Capital Markets has arranged $17.5 million in financing for the development of The Rail @ Red Bank, a 57-unit, class A apartment project in Red Bank, Monmouth County, NJ. JLL worked on behalf of the borrower, Denholtz Proper- ties , to secure the 30-month, floating-rate construction loan followed by a 10-year for - ward permanent loan through Provident Bank . The Rail @ Red Bank will consist of 57 luxury units along with over 6,500 s/f of retail space and a two-level, on-site parking garage with 147 spaces. The property will provide residents with modern amenities such as two grand amenity decks, a rooftop deck, fitness center with a yoga studio and fitness on demand, resident clubroom, bike stor - age room, dog wash station and game room. The JLL Capital Markets team representing the borrow - er was led by senior managing directors Jon Mikula and Michael Klein and associate Andrew Zilenziger .
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