Morristown-based HFF, a provider of commercial real estate and capital markets services, has arranged a $12.2 million refinancing for a West Caldwell industrial warehouse, it announced Thursday.
The real estate services company worked on behalf of the borrower, The Hampshire Companies, to secure a five-year, fixed-rate loan through Lakeland Bank.
HFF said in a news release that the 210,530-square-foot, single-tenant industrial print facility and warehouse deal is leased to R.R. Donnelley to serve as its Mid-Atlantic printing facility. The facility is located at 5 Henderson Drive.
The HFF team was led by Senior Managing Director Jon Mikula and Director Michael Klein, HFF said.
“The Hampshire Companies retained HFF to help them unlock the value they created by acquiring the building with minimal lease-term left and then extending the tenant for a new 10-year term,” Mikula said.
“The borrower was seeking a non-recourse loan with as little structure as possible as a result of the building’s single tenancy,” Klein said. “The property was well received in the debt market, but Lakeland Bank really understood the submarket and the tenant’s business model and was able to provide a deal that best met Hampshire’s needs.”
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