SECAUCUS, NJ-HFF announced today that it has arranged $6 million in financing on behalf of locally based Bhasin Properties for 501 and 601 Penhorn Ave., two industrial buildings totaling 100,000 square feet here. The key: planning and securing ahead.
The long-term, fixed-rate loan was secured through Principal Real Estate Investors--with a twist. It was committed six months ago as a hedge against interest rates and to avoid prepayment penalties, says Jon Mikula, the HFF senior managing director who led the HFF team representing Bhasin.
“The loan was coming due right around now,” Mikula tells GlobeSt.com.
501 and 601 Penhorn Ave. are situated on seven acres close to Interstate 95/The New Jersey Turnpike and the Lincoln Tunnel in Secaucus. The properties are 100% leased to 5,000-square-foot tenants that require close proximity to New York City, making them even more appealing to investors.
Though forward loans are not all that typical, finding the funding was not particularly difficult for the two buildings, which are 70,000 square feet and 30,000 square feet.
“There is no shortage for well conceived- projects,” Mikula says. “We’re financing things from $5 million to $100 million, with monies coming from life insurance companies, banks, pension funds and CMBS.
Bhasin Properties specializes in the development and leasing of master-planned, office and warehouse buildings in the Secaucus area.
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