Five-Property Office and Industrial Portfolio Gets $44M Refinancing Package
NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $44 million refinancing for a five-property office and industrial portfolio in New York, New Jersey and Connecticut.
HFF senior managing directors Mike Tepedino (top right photo) and Whit Wilcox (bottom left photo) worked exclusively on behalf of the borrower, RNY Australia Operating Company, to secure the seven-year, fixed-rate loan through Investors Savings Bank. Loan proceeds were used to refinance a maturing loan facility.
The portfolio totals 836,463 square feet and is 88% occupied to 70 tenants including PerkinElmer, Inc., Xerox Corporation, and two New York State agencies. Individual property details are listed below by
Property City, State Type Square Feet:
710 Bridgeport Avenue Shelton, CT Industrial/Office 452,414 SF
300 Executive Drive West Orange, NJ Office 124,792 SF
300 Vanderbilt Motor Parkway Hauppauge, NY Office 58,961 SF
505 White Plains Road Tarrytown, NY Office 26,601 SF
580 White Plains Road Tarrytown, NY Office 173,695 SF
"Despite the challenging conditions that have dislocated credit markets worldwide, local and regional banks such as Investors Savings Bank continue to provide financing solutions to strong, well-capitalized real estate sponsors,” said Tepedino.
RNY Australia Operating Company owns approximately 3.3 million square feet of commercial space in Long Island, New Jersey and Westchester/Connecticut markets.
Investors Savings Bank is the third largest bank headquartered in New Jersey with 65 branches and $8.5 billion of assets.
Contacts:
Michael J. Tedenio, HFF Senior Managing Director, 212) 245-2425, mtepedino@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, ((713) 852-3500, krmurphy@hfflp.com
FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has secured an $18.9 million refinancing for Golden Acres Shopping Center, (bottom right photo) a 221,737-square-foot grocery-anchored shopping center in South Plainfield, Middlesex County, New Jersey.
HFF director John Taylor and associate director Michael Lachs worked exclusively on behalf of the owner, Plainfield Associates, an entity affiliated to Polimeni International, LLC, to secure the five-year, 6.25% fixed-rate loan with Investors Savings Bank. Loan proceeds are being used to retire the existing debt, add decorative retaining walls and repave the parking lot.
Golden Acres Shopping Center is located at 686-736 Oak Tree Road along the Interstate 287 corridor in South Plainfield. The property is currently 87% leased to tenants including Pathmark (new anchor tenant), Big Lots, Apogee Retail and Wendy’s.
"Significant hurdles were overcome during the ownership of this asset including the loss of co-anchors, Bradlees and A&P following the property acquisition in the late 1990’s.
" The borrower remained committed to the asset and is now poised to see the benefits of its efforts, as is the South Plainfield community, with a revitalized shopping center,” said Taylor.
Polimeni International is a New York-based international real estate investor with a portfolio of commercial properties in excess of 3,000,000 square feet. A vertically integrated real estate company, Polimeni International and its affiliated companies have been actively involved in the acquisition, development, leasing and management of commercial real estate for more than two decades in the United States and Poland.
Investors Savings Bank is the third largest bank headquartered in New Jersey with 65 branches and $8.5 billion of assets.
Contacts:
John N. Taylor, HFF Director, (973) 549-2012, jtaylor@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com
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