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| Michael Klein |
FLORHAM PARK, NJ –
Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $9.2 million in
construction bridge financing to renovate a vacant, 160,575-square-foot
industrial property at 99 Avenue A in Bayonne, New Jersey.
HFF worked on behalf of
the developer, Penwood Real Estate Investment Management, LLC (Penwood), to
place the construction bridge loan with First Bank NJ.
Proceeds will be used to
rehabilitate the existing building, which features 50’ by 50’ column spacing,
25’ clear heights and 15 dock high loading doors, and prepare the excess 11
acres for the future development of a 175,000-square-foot, state-of-the-art,
Class A warehouse distribution building with 36’ clear heights.
99 Avenue A is a former
Unilever and Best Foods processing plant that will be converted into a Class A,
single-tenant industrial property.
Situated in the Hudson
Waterfront industrial submarket, the 20-acre site is less than half of a mile
from the Bayonne Bridge, which connects Bayonne to Staten Island, and four
miles from the Hudson County Extension (Interstate 78), which provides direct
access to New York City.
The Port of
Newark-Elizabeth and Newark Liberty International Airport are less than three
miles from the property and across Newark Bay, which the site overlooks.
Situated off of Bayonne’s
main corridor, State Route 440, 99 Avenue A is two miles north of Interstate
278, 6.5 miles from Interstate 95 and eight miles from State Routes 1 and 9,
providing future tenants with highway access throughout the New York
metropolitan area and beyond.
The HFF debt placement
team representing the borrower was led by director Michael Klein.
“Penwood sought a lender
who understood their vision for the property and had the flexibility to work
with them throughout the rehabilitation of the existing building and through
the entitlement process on the excess land,” said Klein. “First Bank NJ provided a competitive rate,
prepayment flexibility and a creative structure that best met the borrower’s
needs and performed flawlessly throughout the closing.”
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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