HFF arranges $6 million financing for 501 and 601 Penhorn Avenue in Secaucus, NJ

                                                                           

FLORHAM PARK, NJ – HFF announced today that it has arranged $6 million in financing for 501 and 601 Penhorn Avenue (top left photo), two industrial buildings totaling 100,000 square feet in Secaucus, New Jersey.

HFF worked on behalf of Bhasin Properties to secure the long-term, fixed-rate loan through Principal Real Estate Investors. 

501 and 601 Penhorn Avenue are situated on seven acres close to Interstate 95/The New Jersey Turnpike and the Lincoln Tunnel in Secaucus.  The properties are 100 percent leased to 5,000-square-foot tenants that require close proximity to New York City.

The HFF team representing Bhasin Properties was led by senior managing director Jon Mikula (middle right photo).

Bhasin Properties specializes in the development and leasing of master-planned, state-of-the-art office and warehouse buildings in the prime Secaucus area.

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

                                       

Partial sale of waterfront multi-housing community in Hoboken, NJ closed by HFF

 FLORHAM PARK, NJ – HFF announced today that it has closed the partial sale of 333 River Street (top left photo), a 526-unit, Class A multi-housing community with 56,723 square feet of ground floor retail space in Hoboken, New Jersey.

HFF marketed the property on behalf of the seller, Starwood Capital Group Global. 

Applied Development Company purchased the 10 percent interest in the property for $10 million.  With this purchase, Applied now owns the entire building. 

333 River Street is located along the Hudson River Gold Coast in Hoboken, adjacent to Frank Sinatra Park (top right photo) and the new W Hotel, and within walking distance to the Washington Street retail/entertainment area and the Hoboken Terminal providing Path train, NJ Transit and NY Waterway ferry service to Manhattan. 

Completed in 2002, the property has studio, one-, two- and three-bedroom units averaging 923 square feet each. 

Community amenities include 24-hour concierge service, a fitness center, private screening room and lounge, billiards room, rooftop putting green and two children’s play areas.  333 River Street’s retail tenants include Fresh Ideas by Kings (grocer), Valley National Bank, 3 Forty Grill, Trinity, The Quays, CORT Furniture, Beyond Basic Learning and LA Boxing.

 The HFF team representing Starwood Capital Group Global included senior managing directors Jose Cruz (middle left photo) and Andrew Scandalios (lower right photo) and directors Jeffrey Julien and Kevin O’Hearn.

“333 River Street has a tremendous location with views of the Hudson River, New York Harbor and the Manhattan skyline, and is situated within a supply constrained market with lack of new product thereby ensuring long-term success,” said Cruz. 

 “Applied has completed their ownership with this last installment purchase,” added Cruz.

 Contacts:

Jose R. Cruz, HFF Senior Managing Director, (973) 549-2000, jcruz@hfflp.com                                                                               

Andrew G. Scandalios, HFF Senior Managing Director,  (212) 245-2425          

ascandalios@hfflp.com                    

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500                                 

krmurphy@hfflp.com             

HFF arranges construction financing for luxury multi-housing development in northern New Jersey

  

 FLORHAM PARK, NJ – HFF announced today that it has arranged a construction loan for Meadow Crossing (top left rendering), a to-be-built, 172-unit, luxury multi-housing community in Lyndhurst, New Jersey.

HFF worked on behalf of the borrower, Russo Development, to secure the 24-month loan through Wells Fargo Bank, National Association.  Loan proceeds will cover construction costs for Phase I of the property.

Upon completion in 2012, Meadow Crossing will have four residential buildings with one-, two- and three-bedroom units averaging 1,030 square feet each.  Community amenities will include a clubhouse with fitness center, billiards/recreation room, dining room and outdoor pool.

The development will be constructed in two phases; 172 units represented in this phase and 124 to be developed at a later date.  Meadow Crossing is located at 340 Orient Way within walking distance of the Kingsland Train Station and the Lewandowski Shopping Center in Lyndhurst, about seven miles west of Manhattan along the Route 3 corridor.

The HFF team representing Russo Development was led by senior managing director Thomas Didio (middle right photo) and associate director Michael Lachs.  

“This project will be one of the most desirable ‘Class A’ luxury apartment communities in Northern New Jersey.  Russo Development has a long history of building high-quality, commercial and residential properties and we at HFF are pleased to have assisted in securing financing,” said Didio.

Russo Development is a privately-owned real estate development firm located in Carlstadt, New Jersey.  The firm has developed more than seven million square feet of commercial, industrial, residential and mission critical data center space since its founding in 1969.

Contacts:

Thomas R. Didio, HFF Senior Managing Director, (973) 549-2000,

 tdidio@hfflp.com         

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,                 

krmurphy@hfflp.com                                  

                                     

HFF arranges $32 million financing for Hudson Valley Plaza in Kingston, NY

                                           

 

  FLORHAM PARK, NJ – HFF announced today that it has arranged $32 million in financing for Hudson Valley Plaza (top left photo), a 605,722-square-foot retail power center in Kingston, New York.

HFF worked on behalf of HUH US Real Estate Income REIT, Inc., an affiliate of The Hampshire Companies, to secure the seven-year, fixed-rate loan through an unnamed life insurance company.  Loan proceeds were used to acquire the property.  HFF will also service the loan.

Hudson Valley Plaza is situated on more than 43 acres at 401 Frank Sottile Boulevard at the intersection of Route 9 West and Routes 199/209 in Kingston, about 18 miles northwest of Poughkeepsie.  Completed in 1995, the property is 98 percent leased to tenants including Wal-Mart Supercenter, Sam’s Club, Lowe’s, Michaels and Petsmart.

The HFF team representing The Hampshire Companies was led by senior managing director Jon Mikula (Middle right photo) and director Michael Klein (lower left photo).

“Speed was critical on this assignment and the lender was able to close from start to finish in 34 business days,” said Mikula.

The Hampshire Companies is a full-service, private real estate firm with equity in assets valued at more than $2 billion, 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.

 Contacts:

Jon Mikula, HFF Senior Managing Director, (973) 549-2000, jmikula@hfflp.com                                                                                      

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

krmurphy@hfflp.com                         

www.hampshireco.com.

HFF arranges $31 million refinancing for Brooklyn Class A multi-housing community

                                      

FLORHAM PARK, NJ – HFF announced today that it has arranged a $31 million refinancing for LCOR’s 34 Berry project (top left photo), a newly-constructed, 142-unit, Class A multi-housing community in Brooklyn, New York.

HFF worked exclusively on behalf of the borrower to secure the 10-year, fixed-rate loan through Northwestern Mutual.  Loan proceeds are paying off an existing construction loan.

34 Berry is situated on the southwest corner of Berry and North 12th Streets in Brooklyn’s Williamsburg neighborhood, close to McCarren Park, the East River, Brooklyn Brewery and Brooklyn Bowl as well as the L line of the subway, which is only one stop from Manhattan. 

Completed in 2010, the seven-story property has studio, one- and two-bedroom units ranging from 463 to 1,168 square feet.  Community amenities include 24-hour concierge service, a fitness center and top floor lounge with a catering kitchen and billiards table.  34 Berry is fully leased.

The HFF team representing LCOR included managing director Jim Cadranell (lower right photo) and senior managing directors Jay Marshall and Jon Mikula.

LCOR is a real estate investment, management and development company specializing in complex urban development including large scale multifamily, commercial and mixed-use properties that often integrate housing, office, retail and transportation components.

Contacts:

James A. Cadranell, HFF Managing Director, (973) 549-2000 jcadranell@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

krmurphy@hfflp.com

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HFF arranges $43 million financing for northern New Jersey retail center

  

 FLORHAM PARK, NJ – HFF announced today that it has arranged $43 million in financing for Boulder Run Shopping Center, a 175,524-square-foot, grocery-anchored shopping center in Wyckoff, New Jersey.

HFF worked on behalf of Hekemian & Company, Inc., to secure fixed-rate financing with Allstate Investments, LLC. 

Boulder Run Shopping Center is situated on 19 acres at the northwest corner of Franklin Avenue and Godwin Avenue in Wyckoff’s central business district.  Originally completed in 1965, the property recently underwent a complete renovation and expansion that includes a newly constructed Stop & Shop supermarket.  Other tenants at the shopping center include Marshalls, McDonald’s, and Starbucks. 

The HFF team representing Hekemian & Company, Inc. was led by senior managing director Thomas Didio (top right photo) and director Michael Klein (lower left photo).

 “We were thrilled to play a role in securing the permanent financing for such a core ‘Class A’ property,” said Didio.

Hekemian & Co. is a family-owned real estate management and development company that provides acquisitions and development services, commercial brokerage and leasing, property management and insurance services.

Contacts: 

Thomas R. Didio, HFF Senior Managing Director, (973) 549-2000 tdidio@hfflp.com

Michael S. Klein, HFF Director, (973) 549-2000, mklein@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

              

HFF secures $32 million construction loan for suburban Philadelphia multi-housing community

                             

FLORHAM PARK, NJ – HFF announced today that it has secured a $32 million construction loan for The Station at Bucks County (top left photo), a to-be-built 233-unit luxury multi-housing community in Warminster, Pennsylvania, a suburb of Philadelphia.

Working exclusively on behalf of the borrower, J.G. Petrucci Co. Inc., HFF placed the three-year construction loan with Webster Bank.

The Station at Bucks County will be located at 330 Jacksonville Road adjacent to the Warminster Train Station about 14 miles north of city center Philadelphia.  Upon completion in 2012, the property will feature 19 buildings with one- and two-bedroom units averaging 932 square feet each.  Community amenities will include a clubhouse, fitness center and pool. 

The HFF team representing J.G Petrucci Co. Inc. was led by senior managing director Jon Mikula. (middle right photo)

 Established in 1987, J.G. Petrucci Co. Inc. (JGPCO) is a privately-held, full-service owner and developer of industrial, office, medical, retail and other commercial properties throughout the northeastern United States.  With offices in New Jersey and Pennsylvania (Bethlehem-Lehigh Valley), JGPCO has grown to become one of the region’s most productive and well respective development and design/build organizations.

Webster Bank, N.A., a wholly owned subsidiary of Webster Financial Corp. (WBS), is an $18 billion institution headquartered in Connecticut with 176 banking offices located between Boston and West Chester, New York.  Webster has a commercial real estate loan origination office located in Radnor, Pennsylvania responsible for originating commercial real estate loans in Pennsylvania, New Jersey and Delaware.

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 arranges $21 million refinancing for Florham Park, NJ retail center

 FLORHAM PARK, NJ – HFF announced today that it has arranged a $21 million refinancing for Florham Park Plaza (top left photo), a 64,587-square-foot retail center in Florham Park, New Jersey.

HFF worked exclusively on behalf of The Klein Group to secure the 10-year fixed-rate loan through Nationwide Life Insurance Company.  The loan will be serviced by HFF and is replacing an existing first mortgage loan on the property, which was also arranged by HFF.

 Originally built in 1977, Florham Park Plaza was recently renovated and expanded to include new tenants Trader Joe’s and Walgreen’s.

 Other tenants at the 96.6 percent leased center include McDonald’s, Dunkin Donuts, Sprint, Red Mango, Citibank, Dress Barn and Qdoba.  The property is situated on 6.55 acres at 176 Columbia Turnpike at the intersection of Columbia Turnpike and James Street in Florham Park’s downtown retail district.

The HFF team representing The Klein Group was led by senior managing director Jon Mikula (middle right photo)  and managing director Jim Cadranell (bottom left photo)

The Klein Group is a New Jersey-based real estate investment firm headed by Jacob Klein.  The firm manages 16 properties, including Warren Village Shopping Center, Eagle Rock Commons and the Fidelity & Stew Leonard Center in Paramus, New Jersey

Contacts:    

Jon Mikula, HFF Senior Managing Director, (973) 549-2000, jmikula@hfflp.com

Jim Cadranell, HFF Managing Director, (713) 852-3500, jcadranell@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing, (973) 549-2000,                                    

krmurphy@hfflp.com