JLL secures $33.9M construction loan for Rhode Island cold storage expansion

BOSTON, March 12, 2026 – JLL Capital Markets announced today that it has arranged $33.9 million in financing for the expansion and renovation of Cold-Link Logistics Providence, a specialized temperature-controlled cold storage facility located at 1 All American Way in North Kingstown, Rhode Island. The project will renovate and expand the existing 64,000-square-foot tri-temperature facility by adding 65,000 square feet of dedicated state-of-the-art freezer space.

The expansion centers on the addition of a state-of-the art 65,000-square-foot freezer facility that will introduce 13,400 new pallet positions to meet growing regional demand for temperature-controlled storage space in New England. The project also includes the conversion of 3,000 square feet of existing ambient space to freezer capacity. In total, the expansion will bring the facility's total square footage to 129,000, pallet positions to 18,000, and cold space ratio from 47 percent to 76 percent. The comprehensive renovation will also modernize the facility's infrastructure by converting the existing ammonia refrigeration system to a more efficient freon-based system, adding three new loading docks to the current 14, upgrading existing dock facilities and installing a new fire protection system.

JLL worked on behalf of the borrower, Cold-Link Logistics, to secure a floating-rate, four-year loan. Construction on the expansion is commencing in the first quarter of 2026, with completion targeted by the first quarter of 2027. Cold-Link Logistics, a leading provider of cold-chain solutions with facilities integrated and diversified across the food supply chain, will operate in the building. Cold-Link Logistics was founded in 2016 by Michael and Nick Mandich.

"We are excited to grow our footprint in North Kingstown," said Michael Mandich, President at Cold-Link Logistics. "We have consistently underserved the freezer demand that our customers and the market has asked for. The tripling of our capacity will help us better serve our customers cold storage needs and create new jobs in the market."

Located within the Northeast Corridor in North Kingstown, Rhode Island, the facility provides strategic access to major metropolitan markets including Boston, New York City and Hartford within a three-hour drive time, serving over 15 million consumers. The property benefits from direct highway access to Interstate 95, Route 4 and Route 1, plus rail connectivity through the Seaview Railroad, which services the nearby Quonset Business Park and Port of Davisville.

North Kingstown's cold storage landscape benefits from its proximity to the Quonset Business Park, which houses more than 250 companies and generates $5.9 billion in annual economic impact for Rhode Island. The business park and surrounding area serves as home to multiple food processing facilities, creating strong demand for specialized cold storage services.

The JLL Capital Markets team was led by Senior Managing Director Melissa Rose and Managing Director Amy Lousararian, with support from Vice President Hugh Doherty and Analyst Mitchell Sampson.

"This financing reflects the strength of specialized industrial assets in markets with constrained supply pipelines," said Rose.

Lousararian added, "The Rhode Island cold storage sector benefits from high barriers to entry, strong demographic fundamentals with access to over 15 million consumers, and proximity to established food processing networks. The expansion will enable Cold-Link to scale existing customer relationships while attracting larger tenants who previously overlooked the facility due to capacity limitations."

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom. 

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Cold-Link Logistics is a full service, Third-Party Logistics Company built on Family Values dedicated to serving our customers' needs through designing specific solutions to meet the ever-increasing demand on Cold Chain innovations and efficiencies. Visit cold-linklogistics.com to learn more, and follow Cold-Link Logistics on LinkedIn and Instagram.