Holliday Fenoglio Fowlerv, L.P. (HFF) announced today that it has arranged $9.2 million in construction bridge financing to renovate a vacant, 160,575-square-foot industrial property at 99 Avenue A in Bayonne.
HFF worked on behalf of the developer, Penwood Real Estate Investment Management, LLC (Penwood), to place the construction bridge loan with First Bank NJ. Proceeds will be used to rehabilitate the existing building, which features 50’ by 50’ column spacing, 25’ clear heights and 15 dock high loading doors, and prepare the excess 11 acres for the future development of a 175,000-square-foot, state-of-the-art, Class A warehouse distribution building with 36’ clear heights.
99 Avenue A is a former Unilever and Best Foods processing plant that will be converted into a Class A, single-tenant industrial property. Situated in the Hudson Waterfront industrial submarket, the 20-acre site is less than half of a mile from the Bayonne Bridge, which connects Bayonne to Staten Island, and four miles from the Hudson County Extension (Interstate 78), which provides direct access to New York City. The Port of Newark-Elizabeth and Newark Liberty International Airport are less than three miles from the property and across Newark Bay, which the site overlooks. Situated off of Bayonne’s main corridor, State Route 440, 99 Avenue A is two miles north of Interstate 278, 6.5 miles from Interstate 95 and eight miles from State Routes 1 and 9, providing future tenants with highway access throughout the New York metropolitan area and beyond.
The HFF debt placement team representing the borrower was led by director Michael Klein.
“Penwood sought a lender who understood their vision for the property and had the flexibility to work with them throughout the rehabilitation of the existing building and through the entitlement process on the excess land,” said Klein. “First Bank NJ provided a competitive rate, prepayment flexibility and a creative structure that best met the borrower’s needs and performed flawlessly throughout the closing.”Related Articles: