Holliday Fenoglio Fowler L.P. announced Tuesday $16.2 million in financing for the development of a industrial project in Newark.
The project is a 290,063-square-foot, to-be-build spec space. It will be situated on 14.85 acres at 256 Vanderpool St. The sites is within close proximity to Interstate 78. It’s also close to the Port of Newark-Elizabeth and Newark Liberty International Airport.
The HFF team worked on behalf of the developer, a joint venture between Penwood Real Estate Investment Management LLC, through its investment vehicle, Penwood Select Industrial Partners IV L.P., and Penford Group, to get a construction loan with Principal Real Estate Advisors.
The HFF debt team of Michael Klein and Matthew Pizzolato, directors, represented the developer.
“HFF is pleased to have secured another loan on Penwood’s behalf as it continues to expand its presence in the northern New Jersey industrial market,” Klein said. “Principal has been making loans on industrial properties in this market for a long time and has a firm grasp of the market’s fundamentals and the property’s attributes and was able to get comfortable making a construction loan on a speculative development. Given the property’s accessibility to major highways, the port, airport and deep labor pool from which a future tenant will benefit, the investment was an ideal fit for their portfolio.”