One County Road in Secaucus — Courtesy: HFF
By Joshua Burd
The developer of a newly built, two-building industrial complex in Secaucus has secured nearly $37 million in permanent financing, according to brokers with HFF who arranged the loan.
The brokerage firm said it represented the borrower, Bhasin Properties, to place the 15-year, fixed-rate financing with Allianz Real Estate of America. The proceeds will be used to take out an existing construction loan, which HFF also arranged, for the 240,317-square-foot project at One County Road.
The HFF debt placement team included Senior Managing Director Jon Mikula.
“One County Road is an example of the tremendous demand for industrial space in the Meadowlands,” Mikula said. “Over the course of the lease-up, rents grew almost 30 percent.”
Completed in 2018, One County Road features 32-foot clear heights and 56 tailboard doors with the capacity to accommodate an additional 28, HFF said. Other features include 180-foot truck courts and 50-foot-by-35-foot column spacing.
HFF touted the complex’s location in the Meadowlands submarket at the intersection of Route 3 and the New Jersey Turnpike, which offers easy access to New York City, Newark Liberty International Airport and Port Newark-Elizabeth.