CLIFTON, NJ—Holliday Fenoglio Fowler arranged a $23.35 million refinancing for Tulfra Real Estate's and The Hampshire Companies' jointly owned 204,000-square-foot industrial building at 65 South Industrial Street in Clifton, NJ.
The HFF team worked on behalf of the Tulfra/Hampshire partnership to place the 10-year, fixed-rate loan with Citizens Bank. Loan proceeds will be used to refinance the existing construction financing on the property.
The single-building industrial facility recently received a multimillion dollar renovation that included raising the roof to a 27-foot ceiling height, new exterior skin, addition of six new loading docks (for a total of 24), refinishing the warehouse floors, installing new lighting and sprinklers, adding new mechanical and electrical systems and fitting out 28,000 square feet of office space.
The speculative redevelopment project is now fully leased to Damascus Bakeries, which will use the building as a second manufacturing facility to accommodate the company's growing production needs and its corporate headquarters. Damascus is leasing space for a 15-year term and will also take a 50-percent ownership interest in the borrower entity. Situated on 11 acres, 65 South Industrial Street is located just off Route 3 less than two miles from the Garden State Parkway and seven miles from the New Jersey Turnpike. The property is about 15 miles from Newark Liberty International Airport and the Port of Newark-Elizabeth. Additionally, the property is about 22 miles from Manhattan.
The HFF team included senior managing director Jon Mikula and managing director Michael Klein.
“Citizens Bank quickly understood the benefits that the property's extensive highway access, deep labor pool, proximity to New York City and unique building specs would provide the tenant and was able to provide an attractive rate,” Klein says. “Tulfra and Hampshire did a fantastic job redeveloping this asset into a modern manufacturing/distribution facility, and we were happy to help them put a long-term loan in place that caps off this spec redevelopment project.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
