HFF arranges $9M refinancing for south central Pennsylvania multifamily community

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has secured refinancing totaling $9 million for Plaza I and Plaza II Apartments, (top right photo) a 256-unit multifamily community in Lebanon, Pennsylvania.

HFF senior managing director Jim Cadranell (bottom left photo) worked exclusively on behalf of Altman Companies to secure two, 10-year, 6.25% fixed-rate loans.


Wachovia Multifamily Capital Inc. and Fannie Mae provided a $4.6 million loan for Plaza I and a $4.4 million loan for Plaza II Apartments.


Located on 24 acres at 1813 Summit Street (Route 72), Plaza I and II Apartments is adjacent to the Lebanon Place Mall and close to the Pennsylvania Turnpike in Lebanon, a south central Pennsylvania suburb.


The 98% leased property has 12, three-story buildings with one-, two- and three-bedroom units averaging 780 square feet each. Community amenities include a swimming pool, two tennis courts, a half-court basketball court and tot lots.


Altman Companies, located in Fort Washington, Pennsylvania just outside of Philadelphia, is a full-service real estate firm that owns and operates several thousand multifamily units throughout eastern Pennsylvania, and manages more than 14,000 units in Pennsylvania, New Jersey and Delaware.
Contacts:



James A. Cadranell, HFF Managing Director, (973) 549-2000, jcadranell@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com