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JLL Brokers Arrange $33M Construction Loan For East Hanover Industrial Property

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FINANCED
$33,000,000
Ryan Carroll
Jon Mikula
Michael Klein

New Jersey

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Industrial314,413 SF
Financed 10/17/2022
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Property Image
FINANCED

JLL Brokers Arrange $33M Construction Loan For East Hanover Industrial Property

11 Mount Pleasant Avenue, East Hanover, New Jersey 07936, United States

See Similar Deals
Industrial314,413 SF
Financed 10/17/2022
Ryan Carroll
Jon Mikula
Michael Klein
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$105
Total Square Footage:314,413 SF
Transaction Type:Loan

An industrial property located at 11 Mt. Pleasant Ave in East Hanover has recently undergone a closed transaction. The property spans a total area of 314,413 square feet and falls under the industrial asset category.

Summary of transation details

  • Property Type: Industrial
  • Transaction Amount: $33,000,000
  • Address: 11 Mt. Pleasant Ave
  • Market: East Hanover
  • Asset Type: Industrial
  • Square Footage: 314,413

The loan for this transaction was provided by Hartford Investment Management Co. The lender extended a construction loan amounting to $33,000,000. The loan terms include a four-year period with a floating interest rate.

The property's landlord is Bridge Industrial LLC. The brokers involved in the deal were Michael Klein, Jon Mikula, and Ryan Carroll from JLL.

Players

Michael Klein
JLL
Michael Klein
77 deals$2.6B volume(973) 549-2005
BROKER
Jon Mikula
JLL
Jon Mikula
42 deals$1.8B volume(973) 549-2006
BROKER
Ryan Carroll
JLL
Ryan Carroll
25 deals$936.9M volume
BROKER
Bridge Industrial
Bridge Industrial
BROKERAGE
Hartford Investment Management
Hartford Investment Management
LENDER
Bridge Industrial
Bridge Industrial
LANDLORD

Details

FINANCED
IMAGE: Michael Klein, Jon Mikula & Ryan Carroll DATE: 10/17/2022 ADDRESS: 11 Mt. Pleasant Ave MARKET: East Hanover ASSET TYPE: Industrial ~ SF: 314,413 LENDER: Hartford Investment Management Co LANDLORD: Bridge Industrial LLC BROKERS: Michael Klein, Jon Mikula & Ryan Carroll - JLL (@JLL) LOAN AMOUNT: $33,000,000 LOAN TYPE: Construction Loan LOAN TERMS: four-year, floating-rate loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$33,000,000.00

Monthly NOI$220,000.00
Monthly Debt Service$208,582.45
Change in Cash Flow$0.00
Refinance Proceeds$0.00