Monday, January 9, 2012

HFF arranges $17.1 million financing for Albany, NY area multi-housing community

 FLORHAM PARK, NJ – HFF announced today that it has arranged $17.1 million in financing for Elm Estates (top left photo), a 197-unit townhome and duplex community in Selkirk, New York.

HFF originated a seven-year, fixed-rate permanent loan for the borrower, Tower Management Service, L.P., purchased by Freddie Mac. 

The loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  HFF originated over $1 billion in new loan originations in 2011 as a Freddie Mac Program Plus seller/servicer. 

Elm Estates is situated on 34.7 acres close to Interstate 87 about 10 miles south of Albany in Selkirk.  Built in phases between 1978 and 2002, the property has 103 townhomes and 94 duplexes in two and three bedroom layouts averaging 1,297 square feet each.   The property also includes an additional 77.19 acres of surplus land.

The HFF team representing Tower Management Service, L.P. was led by senior managing director Thomas Didio (middle left photo) and real estate analyst Calvin Jones.

“I am pleased we could assist Tower Management Service, L.P. in securing such a favorable permanent loan for the Elm Estates property,” said Didio.

Tower Management Service, L.P. is a real estate operating company, which owns approximately 2,200 multi-family apartment units in garden-style apartment communities located in New Jersey and New York State.

THOMAS R. DIDIO, HFF Senior Managing Director, (973) 549-2000,
Kristen M. Murphy, Associate Director Marketing,  (713) 852-3500,

No comments: