$17.435 million financing for Class A multi-housing development in downtown Westfield, New Jersey arranged by HFF
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $17.435 million in financing for 333 Central Avenue, a 70-unit, Class A multi-housing development in downtown Westfield, New Jersey.
HFF worked exclusively on behalf of The Hampshire Companies (Hampshire) and The Claremont Companies (Claremont) to secure the construction loan through Capital One Bank.
333 Central Avenue is located within walking distance to downtown Westfield, which offers extensive retail and dining amenities. In addition, the property is less than one-tenth of a mile from a New Jersey Transit train station along the Raritan Valley line, providing access into New York City’s Penn Station. Due for completion in spring 2017, the four-story, 126,340-square-foot community will offer a variety of one- and two-bedroom unit layouts ranging from 700 to 1,550 square feet with select units featuring a den and private terrace. All units will have hardwood floors throughout, nine-foot ceilings, stainless steel appliances, granite countertops and spacious walk-in closets. Community amenities will include secure and covered parking, a luxurious lounge with wet bar for entertaining, state-of-the art gym with yoga room, rooftop lounge and additional storage units located on each floor.
The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and director Michael Klein.
“Westfield’s desirability and limited multifamily supply coupled with the additional upside of the project’s proximity to a New Jersey transit stop resulted in a tremendous amount of interest from local, regional and national banks to finance the project,” said Klein.
“Capital One was able to provide a very aggressive rate and structure that best met both Hampshire and Claremont’s needs,” Klein continued. “We are very excited to have worked on their behalf as both firms continue to increase their multifamily holdings.”
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at www.hampshireco.com. To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow Hampshire on Facebook (www.facebook.com/hampshireco), Twitter (@hampshireco), and LinkedIn (www.linkedin.com/company/the-hampshire-companies).
About The Claremont Companies
Claremont Construction Group Inc. has been in existence since 1954. Over their 60-year history in the real estate development and construction services industries they have completed millions of square feet of commercial, retail, educational and hospitality/entertainment projects, and more than 2,000 residential units. Claremont’s senior executives average 30 years of experience across the development, construction and finance/investment disciplines. Their extensive industry experience and diverse professional make-up enables them to understand, transact and execute on complex, multi-faceted projects.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.