JLL Capital Markets arranged a $75 million development facility for Rechler Business District, a master-planned industrial business park in Medford, New York. JLL worked on behalf of Rechler Equity Partners to secure the financing through AllianceBernstein L.P.
Rechler Business District encompasses a newly constructed and fully leased 140,875-square-foot Class A shallow bay logistics facility at 10 Donald’s Way, 9.8 acres of fully leased industrial outdoor storage (IOS) space at 25 Donald’s Way and approximately 45 acres of additional development-ready land.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Peter Rotchford and Managing Director Tyler Peck.
“Securing financing for a project of this scale required a lender that understood both the strength of the existing cash flow and the long-term value creation embedded in the to-be developed parcels,” Rotchford said. “AllianceBernstein recognized the compelling combination of stable income from an investment-grade tenant, a low leverage profile and Rechle’’s track record for industrial development, which ultimately made this financing opportunity particularly attractive.”
The property is located less than one-half mile from the Long Island Expressway (I-495).
