JLL Capital Markets arranges $35m financing for 309,314 s/f

Melville, NY JLL Capital Markets has arranged a $35 million refinancing for a fully leased, two-building, last-mile distribution facility totaling 309,314 s/f.

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 JLL Capital Markets Debt Placement team representing the borrower was led by senior directors Thomas 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.”

The property consists of a 213,914 s/f warehouse building at 1770 Walt Whitman Rd. and a 96,000 s/f 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 ft., 21 dock-high doors, and ample van loading spaces and parking.

1770 Walt Whitman and 540 Broadhollow Rds. are situated on adjacent parcels. The property is positioned at the junction of the Long Island Expressway and SR 110 and has access to the Northern State Parkway, facilitating last-mile delivery to the eastern parts of Long Island in under an hour.