HFF Secures $162M Financing for NJ Portfolio
The buildings are 98 percent leased and total nearly 2.7 million square feet of industrial and office space.
By IvyLee Rosario
Thomas Didio
Florham Park, N.J.—HFF has secured $162 million in financing for a 13-building industrial portfolio in North New Jersey. The 98 percent-leased buildings, located in Secaucus, Whippany, East Hanover, Bayonne, Harsbrouck Heights, Harrison and North Bergen, total nearly 2.7 million square feet of space. Also included was one industrial spec asset currently being built in Linden. The portfolio features 6 percent office space.
HFF worked on behalf of the borrower, Hartz Mountain Industries Inc., to place the 10-year, fixed-rate loan through Hartford Investment Management Co. HFF is servicing the loan and the debt placement team representing the borrower was led by Senior Managing Director Thomas Didio and Real Estate Analyst Connor Milanaik.
“Hartford Investment Management Co. was able to meet the borrower’s required timeline to close the financing, which was very aggressive,” said Didio, in prepared remarks, “and the lender was able to save the borrower significant prepayment costs.”
Image courtesy of LinkedIn
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