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Debt & Equity

Matrix Development refinances New Jersey industrial property portfolio

Holliday Fenoglio Fowler has arranged a $24.6 million refinancing for a two-property industrial portfolio totaling 470,866 s/f in Franklin and Monroe, New Jersey.

Photo by Keith Cooper/ Flickr
Photo by Keith Cooper/ Flickr

HFF worked on behalf of the borrower, Matrix Development Group and a Morgan Stanley Real Estate Investing (MSREI) advised fund, to secure the $17.3 million loan for 1 Heller Park Lane and the $7.3 million loan for 20 South Middlesex Avenue through Cornerstone Real Estate Advisers LLC, acting on behalf of an institutional investor.

The 324,337 s/f 1 Heller Park Lane property consists of a 296,337 s/f warehouse building and a 28,000 s/f truck terminal building.

Renovated in 2014 through 2015, the property is 100 percent leased to Promotion in Motion, Inc., a candy and fruit snack manufacturer.

20 Middlesex Avenue is a 146,529 s/f warehouse building with 19,069 s/f of office space.

Completed in 1992, the building is 100 percent leased to three tenants.

The HFF debt placement team representing the borrower was led by senior managing directors Thomas Didio and Jim Cadranell.

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