Holliday Fenoglio Fowler arranged $11.3 million financing for a three-property industrial portfolio totaling 176,472 s/f along the New Jersey Turnpike corridor and in Northern Virginia.
The HFF team worked on behalf of the borrower, Burton Real Estate, to place a 10-year, fixed-rate loan with CUNA Mutual Group. Proceeds will be used to pay down the borrower’s acquisition line of credit.
The borrower purchased the assets within the last three years, and all of the properties had short-term leases in place.
The portfolio comprises two New Jersey Properties: the 78,272 s/f industrial warehouse at One Fitzgerald Avenue in Monroe three miles off the New Jersey Turnpike in the Exit 8A Industrial submarket and the 55,000 s/f facility at 509 Heron Drive in Swedesboro, which is 26 miles southeast of Philadelphia.
The HFF debt placement team included managing director Michael Klein, who put the finance in place after Burton got each of the tenants to renew.