$23.5 Million in Acquisition Financing for Newark Office Building Arranged for Heritage Management by Holliday Fenoglio Fowler.

Business Editors

NEWARK, N.J.--(BUSINESS WIRE)--July 23, 2001

Holliday Fenoglio Fowler, L.P.'s New Jersey office recently closed $23.5 million of acquisition and bridge financing for 550 Broad Street in Newark, N.J., on behalf of Heritage Management. The 283,000-square-foot office building previously served as First Fidelity's headquarters.

"We are pleased to have assisted Heritage Management in acquiring this high profile asset. The transaction clearly demonstrates the investment community's confidence in Newark as a city in which to work and invest," said Jon Mikula, senior director at Holliday Fenoglio Fowler.

The financing was structured with two separate tranches consisting of an initial funding upon acquisition with subsequent fundings for tenant improvements and leasing commissions. The property is currently 73 percent leased, 44 precent of which will roll in 2002.

"This is Heritage Management's second value-add acquisition in as many years and we are glad to have been involved in both," Mikula said. This past year, Mikula arranged financing for an office complex Heritage purchased from TIAA.

Holliday Fenoglio Fowler is the country's largest intermediary of capital to the commercial real estate industry. In 2000, the national mortgage banking firm's debt, structured finance and investment sales transactions totaled more than $11 billion.