FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announces $70 million in financing for Steel Works, a recently completed, 286-unit apartment community in Harrison, New Jersey.
The HFF team worked exclusively on behalf of the borrower, a joint venture between Advance Realty and DeBartolo Development, to secure the 10-year, fixed-rate loan with an institutional lender. Loan proceeds were used to retire existing construction financing.
Steel Works is located at 1200 Frank E. Rodgers Boulevard South less than a quarter of a mile from the Harrison PATH Station, which provides commuters access to the World Trade Center in Lower Manhattan in approximately 20 minutes. Completed in 2017, the five-story, 96.5-percent-occupied property consists of a mix of studio, one- and two-bedroom floor plans featuring stainless steel appliances, designer cabinetry, nine-foot ceilings, custom closets, in-unit washers and dryers, hardwired sound systems and private balconies. Additionally, the community’s common area amenities include an outdoor swimming pool with sundeck, state-of-the-art fitness center with spin room, resident clubroom, dog park and electric car charging stations.
The HFF debt placement team representing the borrower consisted of senior managing directors Greg Nalbandian and Jim Cadranell.
“Steel Works represents the first Class A apartment project completed by the first class development team of Advance and DeBartolo within the Riverbend District, a 35-acre site that will ultimately deliver 3,000 luxury apartments and 100,000 square feet of retail,” Nalbandian said. “There was significant interest to finance this project and we were successful in arranging a very aggressive fixed-rate loan with a heavy interest-only period for our client.”
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.
About Advance Realty: Celebrating their 40th anniversary, Advance Realty is among New Jersey’s most reputable and successful real estate companies. Advance has established itself as one of the industry’s most innovative and forward-thinking firms. Since 1979, Advance has continuously evolved to meet changing market demands by leveraging the creativity and collective knowledge of its team of world-class professionals, while remaining true to its commitment to responsible development. Headquartered in Bedminster, New Jersey, Advance employs a multifaceted strategy, actively pursuing real estate investments in commercial, residential, industrial, retail and mixed-use projects that present an opportunity to enhance value through development, repositioning and redevelopment. The company currently owns, manages or invests in a diverse, 15 million-square-foot portfolio of properties across all asset classes throughout the Northeast Corridor. For more information, visit advancere.com.
About DeBartolo Development: Built on a legacy of more than seven decades, the DeBartolo name is recognized as an icon in the real estate industry. Since DeBartolo’s beginnings in 1944 when legendary entrepreneur Edward J. DeBartolo, Sr. pioneered the first shopping mall concept and developed some of the most well-known and nationally recognized shopping landmarks, DeBartolo’s legacy has been synonymous with success. Today, DeBartolo Development is one of the largest private real estate investment and development companies in the country and invests in real estate assets of all sizes and scopes, specializing in opportunistic acquisitions and market-driven, ground-up development of multifamily, hospitality, retail and mixed-use projects throughout the United States. For more information about DeBartolo Development, please visit our website at debartolodevelopment.com.
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.