NJ Industrial Facility Lands $37M Loan
- May 04, 2018
Bhasin Properties has secured $36.7 million in permanent financing for a two-building industrial facility in Secaucus, N.J. HFF arranged the 15-year, fixed-rate loan with Allianz Real Estate of America. The loan will go towards taking out an existing construction loan, also arranged by HFF.
Dubbed One Country Road, the property comprises 240,317 square feet and was completed earlier this year. The asset offers 32-foot clear heights, 180-foot truck courts, 56 tailboard doors with the capacity to accommodate an additional 28, and 50-foot by 35-foot column spacing. One Country Road encompasses 20 acres and is situated in the Meadlowlands industrial market, at the intersection of Route 3 and the New Jersey Turnpike.
Senior Managing Director Jon Mikula was part of the HFF debt placement team representing the borrower. “One County Road is an example of the tremendous demand for industrial space in the Meadowlands,” said Mikula, in a prepared statement. “Over the course of the lease-up, rents grew almost 30 percent.”
In February, HFF and Allianz Real Estate of America partnered up once more to arrange an $82 million fixed-rate loan on behalf of Urban Visions to refinance 200 Occidental in Seattle.
Image courtesy of HFF