Denholtz refinances six-building industrial portfolio

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Denholtz Properties has refinanced a six-building industrial
portfolio across the Lehigh Valley and New jersey with a $16.86 million loan

JLL worked on behalf of Denholtz to place two separate
10-year, fixed-rate, non-recourse loans with Minnesota Life Insurance Company.

The money will refinance a multi-tenant industrial portfolio
totaling 258,123 s/f which is home to 58 tenants. It includes two fully leased buildings
in the Lehigh Valley, which consist of a 98,291 s/f property at 7036 Snowdrift
Rd. in Upper Macungie and a 65,205 s/f single-story property at 969 Postal Rd.
in Allentown. The four-building Northampton Business Park at 1545-1575 Route 37
West in Toms River totals 94,627 s/f and is 97 percent leased.

The portfolio features clear heights ranging from 12 to 20
feet, 28 loading docks, 64 drive-in doors and were completed between 1982 and
1985.

The JLL Capital Markets team representing the borrower was
led by Senior Managing Directors Jon Mikula and Michael Klein, Director Michael
Pagniucci and Analyst Gerard Quinn.

“Demand for quality industrial product in this region
continues at unprecedented levels,” Mikula said.  “Lender interest in this transaction was
diverse and aggressive.”

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Denholtz PropertiesJLLMinnesota Life Insurance Company