The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged a $129.42 million refinancing for a 14-property portfolio in northern New Jersey and southern Connecticut that is part of Hampshire Partners Fund VI.
HFF managing director Jon Mikula and associate director Michael Klein worked exclusively on behalf of The Hampshire Companies to secure the three-year, adjustable-rate loan through a bank syndication led by Webster Bank. Sovereign Bank is one of the major syndicators. The Hampshire Companies is recapitalizing a portion of the fund’s assets, replacing a current line of credit and rebalancing the rest of the portfolio with the new loan.
The portfolio is comprised of 1,350,190 square feet of rentable space that is part of Hampshire Partners Fund VI, which includes six office buildings (877,100 square feet), five flex buildings (167,216 square feet) and three industrial buildings (305,874 square feet). The New Jersey properties include: Montvale Business Center in Montvale, Florham Park Business Center in Florham Park, 10 Knightsbridge Drive, 80 Kingsbridge Drive, 81 Kingsbridge Drive, 140 Centennial, 275 Centennial and 240 Centennial in Piscataway, 2 Commerce Drive in Cranbury, 15-01 and 18-01 Pollitt Drive in Fair Lawn, and 675 Central Avenue in New Providence. The Southern Connecticut properties are: Wright International Financial Tower in Bridgeport and Preston Hill Office Park in Middlebury. The portfolio has an average occupancy of 68.3% and notable tenants include Royal Bank of Scotland, GSA, Cablevision, Alcatel-Lucent and TD BankNorth.
The Hampshire Companies is a full-service, private real estate investment fund manager based in Morristown, New Jersey with a portfolio of more than 15 million square feet of commercial space and assets valued at more than $1.5 billion. Additional information on The Hampshire Companies and its funds is available online at www.hampshireco.com.
HFF (NYSE:HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.