Dealmaker: HFF Arranges $80M for Office, Industrial Assets

Holliday Fenoglio Fowler, Houston, arranged $80.1 million for office and industrial properties in Boulder, Colo. and Queens, N.Y.

In downtown Boulder, The W.W. Reynolds Cos., Boulder, borrowed $48 million to refinance a three-property office portfolio totaling 159,778 square feet along Walnut Street. A debt placement team led by HFF Director Leon McBroom secured the 12-year, sub-4.0 percent fixed-rate loan through MetLife Real Estate Investments, New York.

The portfolio included two historic buildings, Colorado at 1919 14th Street and James at 1916-1922 16th Street, which received renovations in 2014 and 2015, respectively, and the Wencel Building at 1301 Walnut Street, which delivered in 2016. The properties are 96 percent leased to multiple tenants.

The portfolio is one block from the historic Pearl Street Mall and within walking distance of the University of Colorado campus.

HFF also secured land acquisition and pre-development financing totaling $32.1 million to develop a three-story, 300,000-square-foot industrial project close to John F. Kennedy International Airport in Queens, N.Y.

The HFF team worked for developer Triangle Equities, Flushing, N.Y., to arrange an initial $10.1 million investment in the form of joint venture capital with L&B Realty Advisors, Dallas. The HFF team also placed a $19 million floating-rate loan with Citizens Bank, Providence, R.I. Loan proceeds will go toward land acquisition and pre-development costs. Triangle Equities supplied the remainder of the capitalization.

The three-story industrial facility will occupy a 119,000-square-foot lot on South Conduit Avenue in South Ozone Park currently operating as a surface parking facility. The lot faces the Belt Parkway one mile from JFK Airport.

HFF Senior Managing Director Andrew Scandalios, Managing Directors Rob Hinckley and Rob Rizzi and Associate Tyler Peck placed the equity. Senior Director Geoff Goldstein led the debt placement team.

“The property is strategically positioned to capture the demand for modern, ‘last-mile’ distribution space located in highly populated urban areas,” said Hinckley.