Holliday Fenoglio Fowler L.P. has arranged a $19 million refinancing for a retail center in Bound Brook, it announced Thursday.
HFF said in a news release that it worked on behalf of Advance Realty, the borrower, to place an 11-year, full-term, interest-only loan with Nationwide Life Insurance Co. for the Middle Brook Center, a fully leased, 104,331-square-foot grocery-anchored retail location.
The debt placement team was led by Greg Nalbandian, senior managing director.
“This refinance was an exceptional execution providing for a six-month forward rate lock at a very minor increase to the overall spread at the end of 2017, before Treasuries increased 50 basis points,” he said in a prepared statement. “Full-term interest-only for 11 years and a minor cashout were also very attractive loan terms.”
HFF also will service the loan, it said.
“We’re very pleased with HFF and our team’s collective effort to create long-term value for this generational asset and to grow our relationship with our credit partner,” Alexander Cocoziello, principal at Advance Realty, said in a statement. “Through this group’s firm understanding of the shifting monetary environment, we were able to move quickly and efficiently towards closing.”
