Mortgage Observer

Built to Suit Warehouse in New Jersey Scores $27M Construction Loan

A planned refrigerated warehouse and distribution facility in New Jersey locked in a $27.2 million construction loan, Mortgage Observer has learned.

Advance Realty and F. Greek Development, the joint venture behind the built-to-suit warehouse, nabbed a two-year construction loan from Wells Fargo Bank, according to representatives of HFF, which brokered the deal.

An HFF team of Managing Director Jim Candranell, Senior Managing Director Jon Mikula, and Associate Director Michael Lachs represented the borrower.

Located in Avenel, New Jersey, the warehouse has been fully leased by Preferred Freezer Services, a freezer warehouse company that operate warehouses in America, China and Vietnam. The facility will take up 9.33 acres and is located near Newark Liberty Airport.

F. Greek Development and Advance Realty did not return calls for comment.