NEW JERSEY—HFF has secured first mortgage financing for 9-11 Chapin Road and 9-15 Riverside Drive, two industrial properties in Pine Brook, N.J.Working exclusively on behalf of The Frassetto Companies Inc., HFF placed the 10-year, fixed-rate loan with a local community bank.
The HFF team representing The Frassetto Companies Inc. was led by Director Michael Klein and Senior Managing Director Tom Didio.
Taken together, the properties total 156,835 sq. ft. and are located off Route 46 nearby Interstate 80 and Interstate 287. Currently, both properties are fully leased to several tenants.
“Local banks in the northern New Jersey market continue to be extremely competitive on pricing, proceeds and structure for industrial transactions,” said Klein. “In this instance the bank stacked up quite favorably against life insurance companies and CMBS providers and was awarded the deal accordingly.”