Financing totaling $98.403 million secured by HFF for 11-property New Jersey and New York multi-housing portfolio
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing totaling $98.403 million for an 11-property multi-housing portfolio totaling 1,300 units located in various New Jersey and New York locations.
HFF worked exclusively on behalf of Tower Management Service, L.P. to place 11 separate 10-year, interest only, fixed-rate loans with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. Loan proceeds were used to refinance existing Freddie Mac debt.
The garden-style properties are 95 percent occupied overall. The New Jersey properties encompass five communities totaling 354 units in Bergen County, two communities totaling 231 units in Union County, one 176-unit community in Mercer County and one 317-unit community in Middlesex County. The two New York properties are located in Orange County and total 222 units.
The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio.
“The borrower has a terrific management organization and Freddie Mac was happy to provide the financing to such a strong owner,” Didio stated. “In addition, the HFF Freddie Mac underwriting team did a great job underwriting and closing these loans allowing for a smooth process overall.”
About Tower Management Service, L.P.
Tower Management Service, L.P. (Tower) is a real estate operating company, which owns approximately 2,200 multifamily apartment units in approximately 20 garden-style apartment communities located in New York State and New Jersey. The company's corporate office is located in River Edge, New Jersey, in a 7,500-square-foot office building owned and primarily occupied by Tower. Tower employs approximately 60 people, 10 of which are located in its River Edge office. The remaining employees are located at the various sites performing property management and maintenance functions. For more information, please visitwww.towermgt.com.
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.