NEW JERSEY—HFF has arranged $41.15 million in construction financing and joint venture equity for the development of Middlesex Logistic Center, a 570,100-sq.-ft. distribution center in Edison. The HFF team representing the borrower was led by Senior Managing Director Jon Mikula and Managing Director Michael Nachamkin.
HFF worked exclusively on behalf of the sponsor, JG Petrucci Co. Inc., to structure joint venture equity from institutional investors advised by J.P. Morgan Asset Management. In addition, on behalf of the partnership, HFF secured the construction loan through M&T Bank.
Upon completion, Middlesex Logistic Center will be a 570,100-sq.-ft., LEED-certified warehouse and distribution center located adjacent to Raritan Center and Heller Industrial Park near Exit 10 of the New Jersey Turnpike. Slated for completion in 2013, the property will include 36-ft. ceiling heights, 108 loading doors, 140-ft. truck courts and parking for 149 trailers.