According to The New York office of Holliday Fenoglio Fowler, L.P. (HFF), it has arranged a $44 million refinancing for a five-property office and industrial portfolio in New York, New Jersey and Connecticut.
HFF senior managing directors Mike Tepedino and Whit Wilcox worked exclusively on behalf of the borrower, RNY Australia Operating Company, to secure the seven-year, fixed-rate loan through Investors Savings Bank. Loan proceeds were used to refinance a maturing loan facility.
The portfolio totals 836,463 s/f and is 88% occupied to 70 tenants including PerkinElmer, Inc., Xerox Corp., and two New York State agencies. Individual property details are listed below:
710 Bridgeport Ave. in Shelton, Conn.: Industrial/office property containing 452,414 s/f.
300 Executive Dr. in West Orange, N.J.: Office property containing 124,792 s/f.
300 Vanderbilt Motor Pwy. in Hauppauge, N.Y.: Office property contains 58,961 s/f.
505 White Plains Rd. in Tarrytown, N.Y.: Office property contains 26,601 s/f.
580 White Plains Rd. in Tarrytown, N.Y.: Office property contains 173,695 s/f.
"All of the assets within the portfolio are strategically located along primary suburban office corridors providing them with excellent access to major interstate highways including I-495, I-280, I-95 and I-287. Despite the challenging conditions that have dislocated credit markets worldwide, local and regional banks such as Investors Savings Bank continue to provide financing solutions to strong, well-capitalized real estate sponsors," said Tepedino.
RNY Australia Operating Company owns approximately 3.3 million s/f of commercial space in Long Island, New Jersey and Westchester/Connecticut markets.
Investors Savings Bank is the third largest bank headquartered in New Jersey with 65 branches and $8.5 billion of assets.
HFF operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales and commercial loan servicing. www.hfflp.com. Tags: