(Read more on the debt and equity markets andthe industrialmarket.)
FRANKLIN TWP., NJ-Joint venture partners Summit Associates andBlackRock Realty have picked up $9.2 million in financing for their1600 Cottontail Lane, an 180,000-sf warehouse/flex building in thistownship's Somerset section. Brokers from the Florham Park officeof Holliday Fenoglio Fowler arranged the deal, with the 10-year,fixed-rate loan provided by an HFF correspondent lender.
The loan, which is being serviced by HFF, provides permanent,long-term financing for the property, according to HFF seniormanaging director Tony Cuccia. The Edison-based Summit andBlackRock had teamed up to buy the asset earlier this year from SKRealty & Development for $18 million, or $100 per sf, withCuccia arranging the joint venture.
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