MORRISTOWN, N.J., Sept. 5, 2024 -  JLL Capital Markets announced today that it secured the $13.6 million acquisition loan for 107 How Lane, a 35,800-square-foot industrial property on 6.42 acres in New Brunswick, New Jersey.

JLL worked on behalf of Ridgecut Road to secure the three-year, floating-rate acquisition loan through Byline Bank.

The property is comprised of 6.42 acres of outdoor storage and truck parking along with three buildings totaling 10,300 square feet, 19,500 square feet and 9,000 square feet. The buildings feature 24- to 28-foot clear heights and 26 dock positions. The property offers tremendous functionality for a deep pool of industrial tenancy with operations ranging from truck/trailer parking to various types of industrial outdoor storage (IOS).

Located in the heart of the Middlesex submarket, the property offers unmatched access to Northern New Jersey's transportation network being 35 minutes from the Port of Newark and having direct access to US-1, which connects to I-95. The property is also strategically positioned within four miles of Exit 8A on the NJ Turnpike, making it an ideal choice for accommodating overflow demand from the highly sought-after New Jersey industrial space.

The JLL Debt Advisory team was led by Senior Managing Director Michael Klein, Director Max Custer and Senior Analyst Benjamin Morgenthal.

"We are excited to have facilitated the acquisition financing for 107 How Lane in New Brunswick," said Klein. "This property offers exceptional transportation connectivity, specifically tailored to meet the needs of the industrial and trucking sectors. It is a testament to the strength of the market and the value that this property holds."

"We are excited to add this irreplaceable low coverage industrial property to Ridgecut Road's growing portfolio of industrial assets in the New Jersey and New York City market. The property is mission critical real estate that serves as the backbone of our supply chain. It is very difficult to find or develop assets like it today," added Scott Shalek, Co-Founder and Principal of Ridgecut Road.

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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Founded in 2021, Ridgecut Road ("Ridgecut") is an entrepreneurial real estate investment firm focused in the industrial asset class within New Jersey and New York. Ridgecut's business is bifurcated between two investment strategies -- owning and operating low coverage industrial (IOS/ISF) assets and developing class A warehouse/distribution and logistics facilities Ridgecut Road's principal's Eric and Scott Shalek have financed, developed, or executed on over $2.5 billion of real estate transactions over the course of their careers. Eric and Scott are identical twin brothers who grew up in Bergen County, NJ and call the NYC Metro / Port Newark home. Ridgecut invests in class A industrial assets located within its backyard / target market allowing the firm to take a granular investment approach grounded in favorable supply / demand fundamentals and real-time data and invest in opportunities with asymmetric risk - both protecting downside and achieving outsized returns.

Ridgecut Road's low coverage industrial (IOS/ISF) portfolio consists of class A assets located in NJ. Ridgecut owns and operates high-quality assets that are mission critical both to its tenants and the greater supply chain. The IOS/ISF asset class continues to experience rent growth and asset appreciation supported by increasing demand from credit tenancy and diminishing supply.