Holliday Fenoglio Fowler, L.P. announced today that it has secured $162 million in financing for a 13-building industrial portfolio totaling 2.67 million square feet in North New Jersey.
HFF worked on behalf of the borrower, Hartz Mountain Industries, Inc., to place the 10-year, fixed-rate loan through Hartford Investment Management Company, HIMCO. HFF is servicing the loan.
The 98 percent leased buildings are located in Secaucus, Whippany, East Hanover, Bayonne, Harsbrouck Heights, Harrison and North Bergen. Additionally, the portfolio includes one industrial spec building currently being constructed in Linden. The portfolio features six percent office space.
The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio and real estate analyst Connor Milanaik.
“Hartford Investment Management Company was able to meet the borrower’s required timeline to close the financing, which was very aggressive, and the lender was able to save the borrower significant prepayment costs,” Didio said.