FLORHAM PARK, N.J.--(EON: Enhanced Online News)--Holliday Fenoglio Fowler, L.P. (HFF) 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.
“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”
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.
About Hartz Mountain Industries, Inc.
Hartz Mountain Industries, Inc. is one of the largest private owners of commercial real estate in the U.S. Hartz owns and manages a diversified real estate portfolio, including first-class corporate offices, warehouse and distribution facilities, hotels, multi-family developments, retail centers, movie theaters and restaurants. The portfolio includes approximately 235 properties comprising over 38 million square feet and a 225 acre land bank, primarily in New Jersey and New York City. Recent acquisitions have expanded the footprint nationally to Baltimore, Charlotte, Atlanta, Chicago, Austin and Seattle. For more information, visit http://www.hartzmountain.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.