$24.6 million refinancing arranged by HFF for two-property industrial portfolio in northern New Jersey
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $24.6 million refinancing for a two-property industrial portfolio totaling 470,866 square feet in Franklin and Monroe, New Jersey.
HFF worked on behalf of the borrower, Matrix Development Group and a Morgan Stanley Real Estate Investing (MSREI) advised fund, to secure the $17.3 million loan for 1 Heller Park Lane and the $7.3 million loan for 20 South Middlesex Avenue through Cornerstone Real Estate Advisers LLC, acting on behalf of an institutional investor.
The 324,337-square-foot 1 Heller Park Lane property consists of a 296,337-square-foot warehouse building and a 28,000-square-foot truck terminal building. Renovated in 2014 through 2015, the property is 100 percent leased to Promotion in Motion, Inc., a candy and fruit snack manufacturer. The property is situated on 26.79 acres just off exits 10 and 12 of I-287 in Franklin, a township in northern New Jersey, 25 miles northeast of Trenton and 41 miles southwest of New York City.
20 Middlesex Avenue is a 146,529-square-foot warehouse building with 19,069 square feet of office space. Completed in 1992, the building is 100 percent leased to three tenants. It is 2.5 miles from exit 8A of the New Jersey Turnpike (Interstate 95) in Monroe, a northern New Jersey township, 21 miles northeast of Trenton and 47 miles southwest of New York City.
The HFF debt placement team representing the borrower was led by senior managing directors Thomas Didio and Jim Cadranell.
“We are pleased to work on behalf of the borrower to secure this exceptional financing for these ‘Class A’ assets,” Didio said.
About Matrix Development Group
Matrix Development Group is a privately held, full-service real estate investment and development company with offices in New Jersey and Pennsylvania. The company is active in the commercial, industrial, urban, residential, golf and hospitality markets throughout the Northeast and Mid-Atlantic regions. Since its founding in 1979, the company has developed more than 30 million square feet of real estate and has been recognized for its leadership by numerous charitable, community and real estate organizations. For more information, visit www.matrixcompanies.com.
About Cornerstone Real Estate Advisers, LLC
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.