Holliday Fenoglio Fowler has sourced a $11.3 million loan for Burton Real Estate to refinance a three-property industrial portfolio in Northern Virginia. The funding, a 10-year, fixed-rate loan with CUNA Mutual Group, will be used to pay down the borrower’s acquisition line of credit. The portfolio encompasses two New Jersey Properties: the 78,272 sqf industrial warehouse at One Fitzgerald Avenue in Monroe and the 55,000 sqf facility in Swedesboro. The third asset, located in Manassas, is a 43,200 sqf industrial/flex warehouse. The portfolio is fully leased to four tenants and features clear heights ranging from 18 to 33 feet, eight dock doors and three drive-in doors. The HFF debt placement team included managing director Michael Klein.
“After Burton Real Estate executed its business plan and got each of the tenants to renew, it was ready to put long-term, fixed-rate, non-recourse financing on the portfolio,” Klein said. “Like many life insurance companies, CUNA was very eager to land on industrial properties and provided a very attractive rate and flexibility to add additional properties to the portfolio in the future.”
