$65 million financing for 3-property multi-housing portfolio in New Jersey and Delaware secured by HFF
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing totaling $65 million for a three-property, 974-unit multi-housing portfolio. The properties in the portfolio are: Brighton Arms and Tree Haven in New Jersey and Valley Run in Delaware.
HFF worked on behalf of the borrower, PRC Group, to secure fixed-rate financing for the portfolio in three separate transactions through Investors Bank.
Brighton Arms is located along West Sylvania Avenue near New Jersey Route 18 in Neptune City, New Jersey. The 20-building community was built in three phases and features 428 one- and two-bedroom units averaging 937 square feet each.
Tree Haven is a three-phase, two-story garden-style apartment community located in Matawan and Aberdeen, New Jersey. Phase I and II are located at 130 and 120 Ravine Drive in Matawan and Phase III is located at 33 Aberdeen Road in Aberdeen. The property totals 24 buildings consisting of 268 one- and two-bedroom units ranging between 789 to 1,050 square feet.
Valley Run is located at 2601 Carpenter Road in suburban Wilmington, Delaware, approximately 1.3 miles from Interstate 95. The garden-style community is comprised of 28 two- and three-story buildings that have 278 flat and townhome-style units averaging 955 square feet each. All of the properties include amenities such as outdoor swimming pools, tennis courts and large playgrounds.
The HFF debt placement team representing PRC Group was led by senior managing directors Jim Cadranell and Jon Mikula.
About PRC Group
PRC Group is a multifaceted regional real estate owner, developer and services provider headquartered in West Long Branch, New Jersey that has forged a five-decade long reputation as a clear-thinking, rational voice in any market – up or down. Since 1960, whether real estate market conditions were defined by opportunities or obstacles, The PRC Group has defined market leadership – and market-leading partnerships – that have helped redefine residential and commercial real estate development.
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.