EDISON—HFF has secured $11 million in acquisition financing for 2121 State Route 27, a 99,260-sq.-ft. research and development facility in Edison.
HFF arranged the financing on behalf of AG Net Lease Fund II, an affiliate of Angelo, Gordon & Company. Morgan Stanley Mortgage Capital Holdings LLC provided the 10-year, fixed-rate securitized loan, which will also be serviced by HFF.
2121 State Route 27 is 100 percent occupied by Revlon Consumer Products Corporation, which uses the facility as its worldwide research and development center for all of its brands. Revlon has had a presence at the site since the 1950’s. The property is part of the larger Edison Towne Corporate Centre, a 247,245-sq.-ft. complex located within close proximity to Interstate 287, the New Jersey Turnpike and Garden State Parkway.
The HFF team representing the borrower was led by managing director Evan Pariser and director Michael Klein.
Angelo, Gordon & Company is a privately-held registered investment advisor dedicated to alternative investing. The firm was founded in 1988 and currently manages approximately $24 billion. The firm is currently investing its second dedicated Net Lease fund, the $560 million AG Net Lease Fund II.