Holliday Fenoglio Fowler L.P. announced Wednesday $13 million in construction refinancing for an industrial property in West Deptford.
The property is a 113,000-square-foot industrial asset located at 301 Grove Road.
HFF worked on behalf of the borrower, Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures, to secure the loan with Webster Bank. In 2016, HFF also arranged acquisition financing for the borrower to renovate the property.
The property is currently fully-leased to Bostik Inc., an adhesive and sealant manufacturer. It is within close access to Interstate 295.
Planned upgrades to the property include adding 122,000 square feet of Class A, 32-foot clear distribution space. This will bring the total property to 235,000 square feet. Completion is slated for spring 2019.
Michael Pagniucci, director at HFF, and Doug Rodio, senior managing director, were part of the debt placement team representing the borrower.