HFF secures $49.6 million financing for mid-rise multi-housing property in Hackensack, New Jersey
FLORHAM PARK, NJ – May 23, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $49.6 million in financing for Meridia Metro, a six-story, 222-unit multi-housing property in Hackensack, New Jersey.
HFF worked exclusively on behalf of the borrower, Capodagli Property Company, to place the long-term, fixed-rate loan through MetLife Real Estate.
Meridia Metro is situated at the intersection of State and Warren Streets proximate to Routes 4 and 17 and Interstate 80. The transit-oriented property provides access into New York City and other nearby employment hubs through its proximity to two New Jersey Transit train stations (Essex Street and Anderson Street), transit bus service and Newark Liberty International Airport. Completed in 2016, Meridia Metro features a mix of one- and two-bedroom units with amenities such as stainless steel appliances, granite countertops, hardwood floors and walk-in closets. Community amenities include a 24-hour fitness center; rooftop terrace with cabana bar and fire pit; social room with poker and pool tables; pet grooming room; and grade-level parking garage.
The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Klein.
“The borrower was seeking a way to take advantage of today’s historically low interest rates and avoid the contingent liabilities associated with the in-place construction loan while still in lease up,” Klein stated. “MetLife was able to lock the rate on a 15-year term at application, providing a structure that best met the borrower’s needs.”
“HFF has been involved in several of these types of transactions of late,” Mikula added. “Many of our clients are looking to secure debt for a long-term hold or generation play and life companies are best equipped to handle this type of execution.”
About Capodagli Property Company
Capodagli Property Company is a full-service real estate development, construction and property management firm specializing in transformational multifamily and mixed-use real estate projects. Founded in 1970, the company is recognized for its ability to envision thriving communities on barren parcels of raw land. Capodagli Property Company pioneers development of affordable luxury properties in urban and suburban areas throughout New Jersey and New York. Since inception, the company has developed, owned and managed over 1,000 rental apartments valued at over $500 million. For more information, visit capodagli.com.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.