Holliday Fenoglio Fowler, L.P. (HFF) announces the $13 million construction refinancing for the 113,000-square-foot industrial property located at 301 Grove Road in the Philadelphia-area community of West Deptford, New Jersey.
The HFF team worked on behalf of the borrower, Foxfield Industrial, a joint venture between Novaya Real Estate Ventures (Novaya) and Foxfield Ventures, to secure the construction loan with Webster Bank. In 2016, HFF arranged the acquisition financing for the borrower that was used to acquire and renovate the property. The proceeds of the new financing will take out the existing loan and fund the expansion that will double the rentable square feet of the property.
Currently, 301 Grove Road is fully leased to Bostik, Inc., a leading global adhesive and sealant manufacturer. The planned construction will expand the property by adding 122,000 square feet of Class A, 32-foot clear distribution space, bringing the total square footage to 235,000 square feet. Completion is expected in the spring 2019. The expansion space is perfectly situated for last-mile distribution to Philadelphia and the surrounding community. The property is less than one mile from Interstate 295 and 14 miles from Philadelphia City Center.
HFF’s debt placement team representing the borrower included director Michael Pagniucci along with senior managing director Doug Rodio.
About Foxfield Industrial
Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures, is a real estate operating company focused on the acquisition and operation of industrial properties throughout the Mid-Atlantic and the Southeast United States. The partnership aims to provide compelling, absolute investment returns while maintaining a margin of safety.
Foxfield and its affiliates currently manage over $100 million in existing assets and development projects. In the past 18 months, they have acquired 10 properties totaling 1 million square feet. HFF has procured financing for each of those acquisitions totaling $36.5 million in debt.
Learn more at https://www.foxfieldindustrial.com or follow Foxfield on Twitter @foxfieldind.
About Novaya Real Estate Ventures
Novaya is an established owner/operator of investment real estate in the New England region. Having worked together as a team for over 25 years, executing hundreds of successful transactions through multiple real estate cycles, Novaya’s principals bring a unique set of skills, experience and local market insight to its investors. The principals have bought, sold and operated 60 commercial real estate properties totaling over 4.5 million square feet including newly developed residential, urban mixed-use, retail, office/flex and warehouse/distribution. The group has worked together as a team for most of the past 10 years, bringing complementary skills in acquisition, underwriting, leasing, asset management, real estate finance, real estate law and venture capital to the partnership. Novaya employs an innovative, personal approach to real estate investment, uncovering value through proprietary market relationships, applying local market expertise, managing responsively and structuring transactions creatively.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
