HFF arranges $35.75M refinancing for cold storage facility in Avenel
AVENEL, NJ — Holliday Fenoglio Fowler, L.P. (HFF) has arranged a $35.75 million refinancing for a fully leased, 182,154 s/f, class A, state-of-the-art cold storage facility located at 275 Blair Rd. in Avenel. The HFF team worked on behalf of the borrower, a partnership between Advance Realty Investors and Greek Development, to place the 10-year, fixed-rate loan with an institutional lender. Loan proceeds will be used to retire an existing construction loan and return capital to the partnership. The HFF debt placement team representing the borrower was led by senior managing directors Jim Cadranell, Gregory Nalbandian and analyst Andrew Zilenziger.