Sunday, February 7, 2016

HFF arranges $7.2 million financing for repositioning of industrial facility in West Caldwell, NJ

Rendering of planned 670 Passaic Avenue Industrial Facility, West Caldwell, NJ

Michael Klein
FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced 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.”

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

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

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