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Debt & Equity

HFF arranges $24M for cold storage development

Holliday Fenoglio Fowler has arranged $23.8 million in construction financing for a 138,642 s/f, state-of-the-art freezer warehouse in Elizabeth, New Jersey.

HFF worked on behalf of the developer, a partnership between Elberon Development Group and The Avidan Group, LLC, to place the construction/perm loan with The Provident Bank.  The build-to-suit facility will feature 18 temperature-controlled loading doors and 4,800 square feet of office space.

Due for completion in June 2016, the building will be 100 percent occupied by Seafrigo NA Cold Storage, Inc., a global logistics company for the food business that operates on several continents.

Located at 900 Fairmount Avenue in Elizabeth, the new facility is less than five miles from Newark Liberty International Airport and the port of Elizabeth/Newark and approximately one mile from the entrance to exit 13A of the New Jersey Turnpike (I-95).  The HFF team representing the borrower was led by director Michael Klein and senior managing director Jon Mikula.

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