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NORTH BRUNSWICK, NJ-An $11.7 million interim/bridge loan package has been arranged for the building located at 1600 North Route 1, a 654,375-sf bulk distribution warehouse complex in this Middlesex County community. The financing package was put together by Holliday Fenoglio Fowler, the commercial mortgage banking firm, which has its New Jersey operations based in Edison.

The owner of the asset is 1600 Route 1 Holdings LLC, a locally-based group. No further details of the deal, including the provider of the funding, were released. HFF’s Jon Mikula and Jim Cadranell were responsible for the transaction.

The asset, which is located within one of the Garden State’s major transportation corridors encompassing the parallel routes of U.S. Hwy. 1 and the New Jersey Turnpike, sits on a site of slightly over 42 acres. The building recently underwent a major capital improvement program involving its building systems and other major on-site components. This Central New Jersey market remains one of the solidest industrial real estate markets in the country.

1600 Route 1 North is currently 80% leased to USA Metro Inc. and Achim Importing Co., while Brunswick Toyota and Church & Dwight lease land within the site. Besides its warehousing and distribution space, the recently financed facility includes a built-out office space component.

“We were able to secure a structured earn-out feature that rolls into a permanent fixed-rate loan,” according to Mikula.

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