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EDISON, NJ-The 123,000-sf industrial building at 150 Fieldcrest Ave. here has been repackaged and retenanted, and now it has been refinanced. Locally based owner Summit Associates has picked up the refinancing, which replaces two existing mortgages on the revamped property.

The financing was arranged by senior managing director Tony Cuccia, senior managing director in the Florham Park office of Holliday Fenoglio Fowler. The funding package was described as a “long-term, fixed-rate loan provided by a correspondent life insurance company,” which the brokers declined to identify. The broker and the borrower also declined to reveal the amount of the loan package, while noting that HFF will service it.

The 150 Fieldcrest Ave. facility’s recent makeover was sparked by the departure, a couple of years ago, of former full-building tenant Compac Corp., which consolidated its operations from multiple Garden State locations to new 182,000-sf building in Hackettstown. Summit’s redevelopment of 150 Fieldcrest Ave. included the installation of new air conditioning in half of its space to accommodate high-tech tenants.

The property is now fully occupied by two major tenants, Epac Technologies and Titan Converting, the latter a manufacturer of asphalt- and polyethylene-coated building materials. Originally built in 1975, the one-story class B building is situated on 5.8 acres within the Raritan Center business park, off Exit 10 of the New Jersey Turnpike. Owner Summit Associates has built and/or owns more than 4.5 million sf of office, flex and distribution space, including a number of other properties within Raritan Center.

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