HFF Arranges Total $36.2M in New Loans in 4 States

HFF Arranges $4.4M Refinancing for Industrial Building in New Jersey

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $4.4 million refinancing for 506 Route 46, a 77,804-square-foot, multi-tenant industrial building in Teterboro, New Jersey.

Working on behalf of The Hampshire Companies, HFF senior managing director Jon Mikula (top right photo)  and associate director Michael Klein (lower left photo)  placed the five-year, fixed-rate financing with Oritani Bank. Loan proceeds are paying off an existing life insurance company mortgage HFF arranged for the borrower in 2004.

506 Route 46 is located on a 3.3-acre site across from the Teterboro Airport approximately 10 miles from midtown Manhattan in Teterboro. The property benefits from an extensive highway infrastructure with Routes 3, 17, the New Jersey Turnpike and Interstate 80 a short distance away. In addition, the property is fully leased to W.W. Grainger, Inc. and S. W. Anderson Sales Corp.

The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. www.hampshireco.com.

Contacts:

Jon Mikula, HFF Senior Managing Director, (973) 549-2000, jmikula@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF secures more than $30M  in financing on behalf of WS Development Associates, LLC

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured more than $30 million in financing on behalf of WS Development Associates, LLC for Charles River Center and Stateline Plaza, retail centers in Massachusetts and New Hampshire.

HFF directors Greg LaBine (lower right photo)  and Janet Krolman (lower left photo)  exclusively represented the borrower in the transactions.

Goldman Sachs Commercial Mortgage Capital, LP provided a fixed-rate refinancing for Charles River Center. Ocean Bank, a division of Peoples United Bank, provided a construction loan for Stateline Plaza. WS Development Associates, LLC is a real estate development and management corporation that owns more than 16 million square feet of retail space in the northeast.

Charles River Center is located at 245-249 Hartford Avenue close to Interstate 495 in the southeastern Massachusetts town of Bellingham. The Class A property has 199,511 square feet of space and is anchored by Whole Foods. Other tenants at the center include Gap, Old Navy, Pier One Imports, Michaels’ Stores and Regal Cinemas.

Stateline Plaza is a 181,606-square-foot retail center that includes Lowe’s Home Improvement, NAMCO and a Sovereign Bank branch. Located at 539-541 Broadway Avenue in Salem, New Hampshire, the property is situated near the Massachusetts/New Hampshire State Border one mile from Interstate 93.

“These financings show that lenders are still active for high-quality sponsors with superior assets,” said LaBine. “The local banking community will still fund new construction for retail transactions like Stateline Plaza that have some level of pre-leasing. The Charles River Center refinance received interest from a wide variety of lenders including banks, life insurance companies, CMBS lenders and debt funds.”

Contacts:

Gregory F. Labine, HFF Director, (617) 338-0990, glabine@hfflp.com
Janet N. Krolman, HFF Director, (617) 338-0990, jkrolman@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com


HFF arranges $1.8M  acquisition financing for 27 units at Liberty Lofts in Kansas City, MO

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $1.8 million in financing for the acquisition of 27 units at Liberty Lofts (bottom right photo) , a fractured condominium development in Kansas City, Missouri.

HFF associate director Adam Herrin worked exclusively on behalf of the borrower, Atlas Properties, to secure the five-year, construction mini-perm loan through Mutual of Omaha Bank. Loan proceeds were used to acquire the 27 vacant units and complete the remaining construction that the original developer did not complete.

Liberty Lofts is located at 360 West Pershing adjacent to Union Station in the Crossroads Arts District of Kansas City.

Originally built in 1904, the property was redeveloped in 2004 into a 34-unit luxury loft community; however 27 of the units remain vacant and unfinished.

Community amenities include a fitness center, storage area in the basement, a rooftop deck and on-site parking.

“Mutual of Omaha Bank did a fantastic job in getting up to speed on this transaction and getting it closed within a short period of time. It was apparent that this was a great opportunity for an investor to come in and purchase the vacant units and reposition them as rental units. The downtown Kansas City multi-housing market should allow properties such as Liberty Lofts to lease-up quickly once brought to market,” said Herrin.

Atlas Properties was founded in 2004 and has grown by managing, owning, syndicating, and developing residential, commercial, and mixed-use properties throughout the United States, with Dallas/ Fort Worth being its primary market. Atlas also provides real estate syndication, management, and brokerage services.

Contacts:

Adam F. Herrin, HFF Associate Director, (214) 265-0880, aherrin@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com