HFF arranges $35.75M refinancing for cold storage facility in Avenel

Holliday Fenoglio Fowler L.P. announced Thursday it has arranged $35.75 million in refinancing for a storage facility in Avenel.

The property, located at 275 Blair Road, is a 182,154-square-foot Class A cold storage asset.

HFF’s debt placement team of Jim Cadranell and Gregory Nalbandian, senior managing directors; and Andrew Zilenziger, analyst; worked on behalf of the borrower, a partnership between Advance Realty Investors and Greek Development, for a 10-year, fixed-rate loan with an undisclosed lender. The money will be used to retire an existing construction loan and return capital to the partnership, HFF said.

The property was built-to-suit in 2015 for Preferred Freezer Services, a provider of refrigerated warehouses. The asset features one fully refrigerated building with 60-foot ceilings and 24 docks. It is within close access to New Jersey Turnpike’s Exit 12.

“The Advance/Greek partnership was seeking a long-term, fixed-rate loan,” Nalbandian said.  “We exceeded the client’s objectives providing a $200-per-square-foot loan with half-term interest only at a very attractive fixed interest rate.  The lender did an outstanding job understanding the cold storage industry’s growth as a submarket within the red-hot industrial sector.”