ELIZABETH, NJ-The New Jersey and Boston offices of Holliday Fenoglio Fowler LP have arranged a $22.5-million construction loan for the development of Bayway II, a 150,826-square-foot warehouse facility here. HFF senior managing directors Jon Mikula and Bob Herron and director Greg LaBine 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 Ave. immediately off of the New Jersey Turnpike and close to the Port Newark-Elizabeth Maine Terminal. 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.
“Like many port-related specialty uses, the Preferred Freezer facility is a capital-intensive and complex project unlike typical industrial or distribution buildings,” Mikula tells GlobeSt.com. “Our experience with port projects and specialty financing enabled us to help get this deal done.”
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