HFF secures $14.9 million financing for warehouse distribution building and land site in South Brunswick, New Jersey
FLORHAM PARK, NJ – August 9, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $14.9 million in financing for a 368,537-square-foot, rail-served warehouse distribution building and adjacent 16-acre development site located at 83 Stults Road in South Brunswick, New Jersey.
HFF worked on behalf of the borrower, a partnership between EverWest Real Estate Partners, LLC and Accordia Realty Ventures, to place the three-year, floating-rate loan through Malvern Federal Savings Bank (Malvern). Loan proceeds will be used to cover acquisition and closing costs associated with the purchase, pay for planned capital improvements to the property and used for soft costs associated with securing approvals for the development site. The property is subject to a short-term sale-leaseback with Hermann Services Inc.
83 Stults Road is located two turns off Exit 8A of the New Jersey Turnpike (Interstate 95) in the Exit 8A industrial submarket, recognized as one of the nation’s leading industrial markets. The property is in the epicenter of the Boston-Washington, D.C. corridor and is less than 40 miles from the Port of Newark/Elizabeth and Newark Liberty International Airport. Additionally, the property is 46 miles from New York City and 53 miles from Philadelphia. 83 Stults Road features a 24-foot clear ceiling height, 23 loading docks, one drive in dock and 14,745 square feet of office space. The borrower plans on subdividing the property and erecting a 200,000-square-foot warehouse on the adjacent land parcel.
The HFF debt placement team representing the borrower was led by managing director Michael Klein and senior managing director Eric Tupler.
“HFF is pleased to have secured financing on behalf of Everwest and Accordia for this acquisition,” Klein said. “8A is one of the strongest industrial submarkets in the state and we’re confident that they will do extremely well with this property. The property’s location and borrower’s experience with similar types of transactions allowed Malvern to provide a very competitive rate and a creative loan structure that will enable the borrower to easily execute its business plan during the loan term.”
About EverWest Real Estate Partners, LLC
EverWest Real Estate Partners, LLC, headquartered in Denver, Colorado, is a privately held real estate investment management and operating company, whose goal is to create significant value for investors through a combination of capital appreciation, strategic acquisition, development, capitalization, repositioning, and management of commercial real estate assets. For more information, visit everwest.com.
About Accordia Realty Ventures
Accordia Realty Ventures is an entrepreneurial real estate firm dedicated to the creative and collaborative process of value creation through real estate investment and development. Accordia was formed in the Spring of 2005 with the vision of acquiring and developing Class A commercial real estate in prime markets in the Northwest Corridor and its surrounding environs. Our focus is on industrial, retail, office and residential asset classes, as well as mixed use, Urban Redevelopment projects. Visit accordiarealty.com for more information.
About Malvern Federal Savings Bank
Malvern Bancorp, Inc. is the holding company for Malvern Federal Savings Bank. Malvern Federal Savings Bank is a federally-chartered, FDIC-insured savings bank that was originally organized in 1887 and now serves as one of the oldest banks headquartered on the Philadelphia Main Line. For more than a century, Malvern has been committed to helping people build prosperous communities as a trusted financial partner, forging lasting relationships through teamwork, respect and integrity. The Bank conducts business from its headquarters in Paoli, Pennsylvania, a suburb of Philadelphia and through its nine other banking locations in Chester, Delaware and Bucks counties, Pennsylvania and Morristown, N.J., its New Jersey regional headquarters. Its primary market niche is providing personalized service to its client base.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.