Long Island distribution facility refinanced with $35 million loan
JLL Capital Markets announced today that it has arranged a $35 million refinancing for a fully leased two-building last mile distribution facility totaling 309,314 square feet in the Long Island community of Melville, New York.
JLL worked exclusively on behalf of the borrower, a private investor, to place the 10-year fixed rate non-recourse loan with Provident Bank.
The property consists of a 213,914 square foot warehouse at 1770 Walt Whitman Rd. and a 96,000 square foot warehouse at 540 Broadhollow Rd. which was recently leased long term to a national online retailer. The buildings are currently undergoing a capital overhaul and when complete will feature clear heights ranging from 22 to 29 feet, 21 dock-height doors, and plenty of cargo and van parking spaces.
Routes 1770 Walt Whitman and 540 Broadhollow are located on parcels adjacent to Melville, a bedroom community on Long Island 20 miles east of New York. The property is located at the junction of the Long Island Freeway and SR 110 and offers easy access to the Northern State Parkway, facilitating last mile delivery to eastern parts of Long Island in less than an hour.
JLL Capital Markets’ debt investment team representing the borrower was led by Principals Thomas E. Didio, Jr. and Matthew Pizzolato and Principal Max Custer.
“We are delighted to have assisted our client in arranging long-term financing for this generational property in Melville,” Custer said. “The location of 1770 Walt Whitman and 540 Broadhollow Roads is exceptional, with tremendous fundamentals that will meet last mile distribution needs for decades to come.”
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s deep knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is sales and investment advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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