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 on 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 building at 1770 Walt Whitman Rd. and a 96,000-square-foot warehouse building at 540 Broadhollow Rd. that was recently leased to a national online retailer on a long-term basis. The buildings are currently undergoing a capital improvement overhaul and upon completion will feature clear heights ranging from 22 to 29 feet, 21 dock-high doors, and ample van loading spaces and parking.
1770 Walt Whitman and 540 Broadhollow roads are situated on adjacent parcels in Melville, a bedroom community on Long Island 20 miles east of New York City. The property is positioned at the junction of the Long Island Expressway and SR 110 and has easy access to the Northern State Parkway, facilitating last-mile delivery to the eastern parts of Long Island in under an hour.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Directors Thomas E. Didio, Jr. and Matthew Pizzolato and Director Max Custer.
“We are thrilled to have assisted our client in arranging long-term financing for this generational property in Melville,” Custer said. “The location for 1770 Walt Whitman and 540 Broadhollow roads is outstanding, with tremendous fundamentals that will cater to last-mile distribution needs for decades to come.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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