April 29, 2019
HFF has arranged a $35.75-million refinancing for a fully-leased, 182,154-square-foot, Class A cold storage facility at 275 Blair Rd. in Avenel, NJ.
An HFF team of Jim Cadranell, Gregory Nalbandian and Andrew Zilenziger worked on behalf of a partnership between Advance Realty Investors and Greek Development to place the 10-year, fixed-rate loan with an institutional lender. Proceeds will be used to retire an existing construction loan and return capital to the partnership.
The property was constructed in 2015 as a build-to-suit for Preferred Freezer Services, the third largest provider of refrigerated warehouses company in the world.
“The Advance/Greek partnership was seeking a long-term, fixed-rate loan,” Nalbandian said. “We exceeded the client’s objective, providing a $200-per-square-foot loan with half-term interest only at a very attractive fixed interest rate. The lender did an outstanding job understanding the cold storage industry’s growth as a submarket within the red-hot industrial sector.”
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