Saturday, June 7, 2014

HFF secures $37 million construction/perm loan for Class A multi-housing development in Meadowlands area of Northern New Jersey


John Mikula
FLORHAM PARK, NJ – HFF announced it has secured a $37 million construction/perm loan for the development of Station at Lyndhurst, a 192-unit, to-be-built, Class A multi-housing community in Lyndhurst, New Jersey.

                Working on behalf of JG Petrucci, HFF placed the long term loan with Webster Bank.  The loan is structured to complete the construction of the project and provide long-term permanent financing. 

Station at Lyndhurst is currently under construction with an estimated completion date of November 1, 2014.  Upon completion, the property will feature 192 units situated within one building atop a structured parking garage. 

Station at Lyndhurst is located at 240 Chubb Avenue in the Meadowlands region of Northern New Jersey less than five miles from the Lincoln Tunnel entrance for direct access to Midtown Manhattan. 

“Given the continued demand for Class A multi-family, lenders have become very creative on structure in order to differentiate themselves while still competing on pricing.

“In this case Webster Bank provided an excellent execution to help our client lock in long-term debt in a low interest rate environment before a single unit was rented,” stated HFF’s Jon Mikula.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com



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