||United States : HFF Arranges $35.75m Refinancing for Cold Storage Facility in Avenel, Middlesex County, New Jersey
||Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged a $35.75 million refinancing for a fully leased, 182,154-square-foot, Class A, state-of-the-art cold storage facility located at 275 Blair Road in Avenel, New Jersey.
The HFF team worked on behalf of the borrower, a partnership between Advance Realty Investors and Greek Development, to place the 10-year, fixed-rate loan with an institutional lender. Loan proceeds will be used to retire an existing construction loan and return capital to the partnership.
The property was constructed in 2015 as a build-to-suit for the tenant, Preferred Freezer Services, which is the third largest provider of refrigerated warehouses company in the world. The asset features one fully refrigerated building with 60-foot clear heights and 24 docks with air-tight seals. 275 Blair Road is less than three miles from the New Jersey Turnpikes Exit 12, providing direct access to New York City, the rest of New Jersey and the states economic drivers, including the Newark Liberty International Airport and The Port of New York and New Jersey.
The HFF debt placement team representing the borrower was led by senior managing directors Jim Cadranell and Gregory Nalbandian and analyst Andrew Zilenziger.
The Advance/Greek partnership was seeking a long-term, fixed-rate loan, Nalbandian said. We exceeded the clients objectives providing a $200-per-square-foot loan with half-term interest only at a very attractive fixed interest rate. The lender did an outstanding job understanding the cold storage industrys growth as a submarket within the red-hot industrial sector.
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