Friday, December 25, 2015

HFF arranges $24.6 million refinancing for two-property industrial portfolio in northern New Jersey


20 South Middlesex Avenue, Monroe Township, NJ

Thomas Didio
 FLORHAM PARK, NJ -– Holliday Fenoglio Fowler, L.P. (HFF) announced 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.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

No comments: