Financing arranged for multi-tenant industrial property in Freehold, NJ

MORRISTOWN, N.J., Feb. 20, 2025 –  JLLopens in a new tab Capital Markets announced today that it has arranged the refinancing for 6 Paragon Way, a 71,511-square-foot, multi-tenant industrial property in Freehold, New Jersey.

JLL worked on behalf of the borrower, The Donato Group, to secure the five-year loan through TriState Capital Bank.

6 Paragon Way features 30-foot clear heights, seven dock-high doors and ample parking with 188 car spaces and 22 trailer spaces. The property is fully leased to nine tenants representing a diverse mix of industries, including janitorial services, healthcare and recreational activities.

The property is strategically located in Monmouth County with excellent access to major transportation routes, including Route 33, Interstate 195 and the Garden State Parkway. It is situated 48 miles from New York City and 70 miles from Philadelphia, providing tenants access to a population of over 20 million within a 60-mile radius.

The JLL Debt Advisory team was led by Senior Managing Director Michael Klein, Senior Director Max Custer and Vice President Ryan Carroll.

"The Western Monmouth industrial submarket continues to demonstrate exceptional fundamentals, with historically low vacancy rates and strong rent growth," said Klein. "6 Paragon Way, with its strategic location and diverse tenant mix, exemplifies the strength of this market. Coupled with The Donato Group's deep local expertise and track record, this asset presents an attractive opportunity for lenders in New Jersey's thriving industrial sector."

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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Headquartered in Eatontown, Monmouth County, New Jersey, The Donato Group has established itself as a prominent developer and operator of commercial real estate in the region. Established in the 1950’s, by John Donato Jr., the company has grown into one of the leading commercial real estate companies in New Jersey. Over the years, the company has developed a strong expertise in the management and development of flex, industrial, office, and high-tech properties throughout the county. Its impressive portfolio, which initially grew from farmland developments in the 1970s, currently spans approximately 1,100,000 SF in the region. This deep understanding of the market has also allowed The Donato Group to excel in property management and leasing by understanding the demands of existing and prospective tenants. As a second-generation, family-owned business, and now under the leadership of Corbett Donato, The Donato Group has become the most prominent operator in Monmouth County.

TriState Capital Bank is headquartered in Pittsburgh, Pennsylvania, and provides commercial banking, private banking and treasury management services to middle-market companies, institutional clients and high-net-worth individuals. TriState Capital Bank serves middle-market commercial customers through regional representative offices in Pittsburgh; Philadelphia; Cleveland; Edison, New Jersey; and New York City, as well as high-net-worth individuals nationwide through its national referral network of financial intermediaries. TriState Capital Bank is a wholly owned subsidiary of Raymond James Financial, Inc. (NYSE: RJF), a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. TriState Capital Bank is a Pennsylvania chartered bank.