JLL Capital Markets said Feb. 23 it arranged a $34 million construction loan for the development of a new, 140,000-square-foot cold storage facility within the Port Industrial Submarket on the border of Elizabeth and Newark.

JLL worked on behalf of the developer, Elberon Development Group and Fidelco Realty Group, to place the 22-year construction to permanent loan with one of JLL’s correspondent insurance company relationships.

The refrigerated warehouse will be built-to-suit for FreezPak Logistics, a New Jersey-based third-party logistics company. This will be FreezPak’s fifth New Jersey location. The facility will feature 10.5 million cubic feet of space, 18 docks and 30,000 pallet positions while also providing excess trailer parking.

The building will be constructed on a 7.85-acre site at 1029 Newark Ave. on the border of Elizabeth and Newark just four miles from Newark Liberty International Airport and Port Newark-Elizabeth. Additionally, the suburban New York City location places the facility in a dense, infill area that can service a diverse consumer base.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and Director Max Custer.

“JLL is thrilled to have represented the joint venture between Elberon Development Group and Fidelco Realty Group on this transaction,” said Klein. “The borrower was looking to secure construction financing and take advantage of today’s historically low long-term interest rates.

“The strong reputation of the two sponsors in the market, the premier location of the site and a long-term lease from a credit-worthy tenant enabled us to secure a very attractive long-term construction perm loan from one of our correspondent life insurance companies,” he added.