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