Re-fi gets deal 'off the streets'

Real Estate Weekly, Jan 12, 2005

The New Jersey office of Holliday Fenoglio Fowler, L.P. arranged a $13 million refinancing for 33 Route 304, a 120,000 s/f retail and warehouse building in Nanuet, New York.

HFF senior managing director, Tom Didio, worked on behalf of the borrower, SF Properties, LLC to secure the 15-year, fixed-rate, securitized loan through Bear Steams Commercial Mortgage, Inc., a conduit lender.

HFF arranged a $7.4 million interim take-out loan for this property through Banco Popular in January 2003. Located on a 9.8 acre site on the west side of Route 304, the property is just south of the intersection of Route 304 and Interstate 87 in Nanuet, close to the New York/New Jersey state line. 33 Route 304 is in the process of a complete renovation and is 100% leased to tenants including Lazy Boy Furniture, Verizon and Bassett Furniture.

"Bear Stearns did a great job in taking this deal off the street by meeting with the borrower on short notice and structuring a deal that met the borrower's needs," said Didio.

In 2003, the New Jersey office of HFF closed over $700 million in new business for its various lenders.