$7.2 million financing arranged by HFF for repositioning of industrial facility in West Caldwell, New Jersey
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $7.2 million in construction bridge financing to reposition 670 Passaic Avenue, a 112,413-square-foot light industrial facility in the Newark suburb of West Caldwell, New Jersey.
HFF worked on behalf of the borrower, Tulfra Real Estate (Tulfra), to place the three-year, floating-rate bridge loan with Lakeland Bank. Proceeds will be used to make capital and tenant improvements to reposition 670 Passaic, which is currently vacant, into a Class A light industrial and technical center building with new tenant entries and architectural glass. Exterior upgrades include a new roof, loading doors, signage and landscaping.
Situated on seven acres in West Caldwell, Essex County, 670 Passaic is located within the West Caldwell industrial market, which currently boasts an occupancy rate of 95 percent. The property is less than three miles from Routes 80 and 280, the region’s major east-west highways. Newark Liberty International Airport near New York City and the Port of Newark-Elizabeth are approximately 20 miles southeast of the property.
The HFF debt placement team representing the borrower was led by director Michael Klein and senior managing director Jon Mikula.
“Because Lakeland Bank quickly understood the market and the borrower’s plans, the bank was able to provide a very flexible loan structure that will enable Tulfra to execute its vision for the property,” Klein said. “We’re pleased that we were able to work with Tulfra and Lakeland Bank on this transaction, which went smoothly.”
About Tulfra Real Estate
Tulfra Real Estate and its affiliates currently own and manage four million square feet of industrial and commercial real estate, encompassing more than 50 buildings with 200 public and private tenants in Northern and Central New Jersey. The firm currently has an additional 500,000 square feet under development. For more information, visit tulfra.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.