In the larger of the two transactions, HFF senior managing director Tom Didio was responsible for arranging a $14.7 million loan for a freestanding retail property that is currently occupied by BJ's Wholesale Club in Paramus, NJ. The asset, whose owner was not named, is situated at one of the key retail crossroads in the Garden State, if not the Northeast–at the intersection of Routes 4 and 17, directly across the highway for the massive Garden State Plaza, a super-regional mall.
The package for the retail asset carries a fixed rate for a 12.5-year term. The funding was provided by John Hancock Life Insurance Co., with which HFF has a long-time correspondent lending relationship, according to Didio. "John Hancock is actively seeking quality permanent mortgage investments in the New Jersey marketplace," according to Didio.
In the other recent transaction, HFF senior director Jon Mikula put together a package totaling $6.25 million in financing for two industrial buildings located in Secaucus, NJ. The buildings total 100,000 sf of space. The financing was obtained through Principal Capital Management. Details of the package and the identity of the owner of the assets were not disclosed. Arranging the funding involved "a customized solution to a complex financing requirement," according to Mikula.
HFF, a mortgage banking firm, arranged more than $12 billion in structured finance and investment sales transactions nationally last year.
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