N ew J ersey 6B — December 23, 2022 - January 19, 2023 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
New Vernon Equities-owned property is 100% leased to GenScript USA JLL's Pizzolato and Carroll arrange $15M loan for 75,500 s/f logistics facility in East Hanover
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ties , to place the 10-year, fixed- rate loan with a correspondent life insurance company. Positioned
AST HANOVER, NJ — JLL Capital Mar- kets has arranged $15
million in permanent financing for a newly built, 75,500 s/f, state-of- the-art, logis- tics facility that is 100% leased to
on 11.25 acres at 30 Fari- nella Dr., the facility is in Eastern Mor- ris Industrial submarket and has ex- ceptional ac-
Matthew Pizzolato Ryan Carroll
cess to key Northern New Jer- sey highways, infrastructure and logistics hubs, along with connectivity to NYC, which is 26 miles away.
GenScript USA in the North- ern New Jersey community of East Hanover. JLL worked on behalf of the borrower, New Vernon Equi-
30 Farinella Dr.
30 Farinella Dr. was complet- ed in 2021 to modern standards with best-in-class features that offer a 36-foot clear height, 13 dock-high doors and 83 parking stalls. GenScript USA, a global biotechnology company best known for its gene synthesis ca- pabilities, occupies the single- story property on a long-term triple net lease. GenScript will make additional investments to utilize the space as a GMP manufacturing facility. The JLL Capital Markets team representing the borrower was led by managing director Matthew Pizzolato and as- sociate Ryan Carroll . “Even with all the volatil- ity in the capital markets, we continue to see tremendous interest from the lending community for well-located, institutional quality industrial assets with strong sponsors,” said Pizzolato. “30 Farinella was no exception, and we were able to negotiate very attractive terms with our correspondent life company relationship earlier this year prior to the market volatility that allowed our client to lock in a very favorable interest rate via a forward rate lock.” JLL Capital Markets also announced that it has closed the $47.48 million refinancing of a garden-style apartment- home community located in Ocean County. JLL worked on behalf of the borrower to secure the 10- year, full-term, interest-only, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC , a Fannie Mae DUS lender. The JLL Capital Markets Debt Advisory team was led by Thomas R. Didio, Thomas E. Didio Jr., Ge- rard Quinn and Michael Mataras . MAREJ
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