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NEWARK, N.J. — HFF has arranged $16.2 million in financing for the development of a speculative industrial project at 256 Vanderpool St. in Newark. The borrower is a joint venture between Penford Group and Penwood Real Estate Investment Management, through its fourth value-added investment vehicle, Penwood Select Industrial Partners IV. Situated on 14.8 acres, the 290,063-square-foot building will feature 40-foot clear heights, 64 loading docks, 79 trailer stalls and 8,702 square feet of office space. Michael Klein and Matthew Pizzolato of HFF worked on behalf of the borrower to place the construction loan with Principal Real Estate Investors.