{"id":1004045502,"date":"2012-08-03T06:20:46","date_gmt":"2012-08-03T14:20:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004043840"},"modified":"2022-12-07T17:25:29","modified_gmt":"2022-12-08T01:25:29","slug":"jll-secures-48m-in-ctl-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-secures-48m-in-ctl-financing\/","title":{"rendered":"JLL Secures $48M in CTL Financing"},"content":{"rendered":"

By Gail Kalinoski, Contributing Editor<\/em><\/p>\n

Jones Lang LaSalle\u2019s Capital Markets team has secured $48 million in Credit Tenant Leasing financing from a foreign institutional investor for an industrial and bus maintenance complex in Newark, N.J., owned by Hartz Mountain Industries Inc.<\/p>\n

The investor provided the 4.323 percent, fixed-rate, 24-year loan for the property at 601 Doremus Ave. that consists of 21.7 acres of land and 638,092 square feet of space that is leased to New Jersey Transit Corp. through 2036.<\/p>\n

\u201cThis was an extremely complex financing assignment for a very unique property that involved a modified industrial condominium regime. The loan provides financing for a critical facility for New Jersey Transit, in which the entire city\u2019s buses are maintained,\u201d said Joe Garibaldi, JLL managing director, who lead the team on the deal.<\/p>\n

Executive vice presidents Brion Haist and Bill Cavagnaro also worked on the financing deal.<\/p>\n

The financing derives its proceeds from the direct sale of bonds to investors in the global capital markets rather than capital from commercial real estate lenders. Haist said CTL financing works well for corporations, the federal government, certain municipal government entities and healthcare facilities such as hospitals.<\/p>\n

\u201cBy and large, most of these rely on the concept of the triple net lease,\u201d Haist said, noting that the New Jersey Transit facility has a triple net lease.<\/p>\n

Haist told Commercial Property Executive<\/em> that the unidentified foreign institutional investor frequently participates in CTL financing because it securitizes the rent stream that comes off the triple net lease.<\/p>\n

\u201cThe securitization is structured in a way to isolate those rent payments against the credit of the tenant making them,\u201d Haist said, adding that most tenants have credit worthiness that is at or near investment grade.<\/p>\n

Haist, who joined the Jones Lang LaSalle Capital Markets team in November, 2010, said his group has done over $8 billion of these types of transactions over the last 10 years, both at JLL and at other firms.<\/p>\n

\u201cIt\u2019s a focus for our unit,\u201d he said.<\/p>\n

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. In 2011, the team \u2013 comprised of more than 1,200 specialists – completed $60 billion in investment sale and debt and equity transactions globally. In the United States, the team grew its volume by 122 percent in 2011 and is gaining market share across all property types.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Jones Lang LaSalle\u2019s Capital Markets team has secured $48 million in Credit Tenant Leasing financing from a foreign institutional investor for an industrial and bus maintenance complex in Newark, N.J., owned by Hartz Mountain Industries Inc.<\/p>\n","protected":false},"author":1068,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21748,11,21742,10],"tags":[],"class_list":["post-1004045502","post","type-post","status-publish","format-standard","hentry","category-finance","category-industrial","category-midatlantic","category-latest","category-northeast"],"acf":[],"yoast_head":"\nJLL Secures $48M in CTL Financing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jll-secures-48m-in-ctl-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JLL Secures $48M in CTL Financing\" \/>\n<meta property=\"og:description\" content=\"Jones Lang LaSalle\u2019s Capital Markets team has secured $48 million in Credit Tenant Leasing financing from a foreign institutional investor for an industrial and bus maintenance complex in Newark, N.J., owned by Hartz Mountain Industries Inc.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jll-secures-48m-in-ctl-financing\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-08-03T14:20:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T01:25:29+00:00\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-secures-48m-in-ctl-financing\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-secures-48m-in-ctl-financing\\\/\"},\"author\":{\"name\":\"Gail Kalinoski\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"headline\":\"JLL Secures $48M in CTL Financing\",\"datePublished\":\"2012-08-03T14:20:46+00:00\",\"dateModified\":\"2022-12-08T01:25:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-secures-48m-in-ctl-financing\\\/\"},\"wordCount\":395,\"commentCount\":0,\"articleSection\":[\"Finance\",\"Industrial\",\"Mid-Atlantic\",\"News\",\"Northeast\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-secures-48m-in-ctl-financing\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-secures-48m-in-ctl-financing\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-secures-48m-in-ctl-financing\\\/\",\"name\":\"JLL Secures $48M in CTL Financing - 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