The property asset involved in this transaction is a 204,000-square-foot industrial building located at 65 Industrial St S, Clifton, NJ 07012. Situated on 11 acres in the Clifton market, the facility recently underwent a multi-million dollar renovation, including enhancements such as a 27-foot ceiling height, new loading docks, warehouse floor refinishing, and updated mechanical and electrical systems. The property is currently fully leased to Damascus Bakeries, which will use the building as a second manufacturing facility and its corporate headquarters.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $23,350,000.00
• Borrower's Representative: Michael Klein - JLL
• Borrower: Tulfra Real Estate
• Lender: Citizens Bank
• Lease Term: 15 years
• Ownership Interest: 50-percent ownership in the borrower entity by Damascus Bakeries

The key individuals behind the deal include Michael Klein from JLL, representing Tulfra Real Estate in securing the loan, and the HFF team members Jon Mikula and Michael Klein, who arranged the financing with Citizens Bank. The refinancing aims to replace existing construction financing and facilitate the running operations of Damascus Bakeries in its new location.