HFF arranges $22.5 million construction loan for Preferred Freezer Services facility in Elizabeth, NJ

 FLORHAM PARK, NJ – The New Jersey and Boston offices of HFF (Holliday Fenoglio Fowler, L.P.) have arranged a $22.5 million construction loan for the development of Bayway II, (top left photo) a 150,826-square-foot warehouse facility in Elizabeth, New Jersey.

HFF senior managing directors Jon Mikula (middle right photo) and Bob Herron (middle left photo)  and director Greg LaBine (bottom right photo) worked exclusively on behalf of the borrower, 108-166 Bayway Avenue, LLC, to secure the five-year loan through TD Bank. 

The property is located on 10.6 acres at 200 Bayway Avenue in Elizabeth immediately off of the New Jersey Turnpike and close to the Port Newark-Elizabeth Maine Terminal, which is the largest port complex on the east coast of North America. 

Upon completion in mid-2011, Bayway II will be fully leased to Preferred Freezer Services on a long-term basis and will accommodate 28,000 pallets in its cold storage warehouse. 

Preferred Freezer Services, Inc. was founded in 1989 and is the fourth largest operator of public refrigerated warehouse facilities in North America.

“Like many port-related specialty uses, the Preferred Freezer facility is a capital intensive and complex project unlike typical industrial or distribution buildings.  HFF’s experience with port-related projects and specialty financing enabled us to help get this financing done,” said Mikula.

“Preferred Freezer’s newest location in Elizabeth will be one of the most technologically advanced and efficient freezer facilities in the world,” added Herron

Contacts:

Jon Mikula, HFF Senior Managing Director, (973) 549-2007,

jmikula@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

 krmurphy@hfflp.com