Jones Lang LaSalle

Owner Secures $10M Refinancing for Two Industrial Buildings
By Eric Peterson
Last updated: February 28, 2006 10:45am
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SECAUCUS, NJ-Bhasin Development has received a $9.52 million refinancing for its 801 and 901 Penhorn Ave. here. The two adjacent industrial buildings total approximately 125,000 sf.
The funding was arranged for Bhasin Development by Jon Mikula, senior managing director in the Florham Park office of Holliday Fenoglio Fowler. According to Mikula, the 10-year, fixed-rate securitized loan was provided by Principal Global Investors. The loan is taking out a speculative construction loan that HFF arranged for Bhasin Development in 2003.

The two side-by-side buildings are currently 95% occupied with a mix of industrial tenants. The assets are located just off the New Jersey Turnpike approximately five miles outside of Manhattan.