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| Rendering of Planned Freezer Warehouse, 900 Fairmont Avenue, Elizabeth, NJ |
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| Michael Klein |
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced
it has arranged $23.8 million in construction financing for a
138,642-square-foot, state-of-the-art freezer warehouse in Elizabeth, New
Jersey.
HFF worked on behalf of
the developer, a partnership between Elberon Development Group and The Avidan
Group, LLC, to place the construction/perm loan with The Provident Bank.
The build-to-suit facility
will feature 60’ clear heights, 18 temperature-controlled loading doors and
4,800 square feet (3.5 percent) of office space. Due for completion in June 2016, the building
will be 100 percent occupied by Seafrigo NA Cold Storage, Inc., a global
logistics company for the food business that operates on several continents.
Located at 900 Fairmount Avenue in Elizabeth, the
new facility is less than five miles from Newark Liberty International Airport
and the port of Elizabeth/Newark and approximately one mile from the entrance
to exit 13A of the New Jersey Turnpike (I-95).
This location is optimal
for Seafrigo, since much of the product Seafrigo handles travels through either
the port or Newark Airport.
The property
is also in close proximity to an extensive highway network that allows ready
access to Interstate 78, Interstate 278 to Staten Island and Brooklyn and State
Highway Routes 1 and 22. Additionally,
an ample and qualified labor pool is available in the city of Elizabeth and
surrounding municipalities.
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| Jon Mikula |
The HFF team representing
the borrower was led by director Michael
Klein and senior managing director Jon
Mikula.
“The borrower was looking
to take interest rate risk out of the equation given the tenant’s 20 year lease
and engaged HFF to secure a construction loan that would roll right into a
long-term perm loan,” Klein said.
“The
Provident Bank clearly understood this specialty use product as well as the
tenant’s business model and was able to provide a loan that best met the
borrower’s short and long term needs.
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 | www.hfflp.com
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