50 Enterprise Ave. North in Secaucus — Courtesy: HFF
By Joshua Burd
Brokerage firm HFF has secured a $162 million loan to help Hartz Mountain Industries refinance a 13-building, 2.67 million-square-foot industrial portfolio in northern New Jersey.
In a news release, HFF said it worked on behalf of the Secaucus-based real estate firm to place the 10-year, fixed-rate loan through Hartford Investment Management Co., or HIMCO. HFF is servicing the loan.
The 98 percent-leased portfolio includes sites in Secaucus, the Whippany section of Hanover, East Hanover, Bayonne, Hasbrouck Heights, Harrison and North Bergen, the news release said. The portfolio also includes a speculative industrial project under development in Linden.
The HFF debt placement team representing Hartz was led by Senior Managing Director Thomas Didio and Analyst Connor Milanaik.
“Hartford Investment Management Company was able to meet the borrower’s required timeline to close the financing, which was very aggressive, and the lender was able to save the borrower significant prepayment costs,” Didio said in a prepared statement.