New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
BTS Cold Storage Facility Lands $36M Refi
HFF has arranged a $35.75-million refinancing for a fully-leased, 182,154-square-foot, Class A cold storage facility at 275 Blair Rd. in Avenel, NJ.
An HFF team of Jim Cadranell, Gregory Nalbandian and Andrew Zilenziger worked on behalf of a partnership between Advance Realty Investors and Greek Development to place the 10-year, fixed-rate loan with an institutional lender. Proceeds will be used to retire an existing construction loan and return capital to the partnership.
The property was constructed in 2015 as a build-to-suit for Preferred Freezer Services, the third largest provider of refrigerated warehouses company in the world.
“The Advance/Greek partnership was seeking a long-term, fixed-rate loan,” Nalbandian said. “We exceeded the client’s objective, providing a $200-per-square-foot loan with half-term interest only at a very attractive fixed interest rate. The lender did an outstanding job understanding the cold storage industry’s growth as a submarket within the red-hot industrial sector.”
There’s still time to register for Connect New York on April 30! Click here to register for the event.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
