HFF arranges financings totaling $21.38M for three New Jersey multifamily communities

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged first mortgage financings totaling $21.38 million for three central New Jersey multifamily communities.

Working exclusively on behalf of The PRC Group, HFF senior managing director Jon Mikula (top right photo) and managing director Jim Cadranell (top left photo) placed the three ten-year, fixed-rate loans with The Provident Bank (http://www.providentbanknj.com/).

Loan proceeds will pay off outstanding debt. The PRC Group is a developer and property manager with more than 48 years of experience and a portfolio of 2,200 units in the Mid-Atlantic region.

The properties are:

Clifton Arms Apartments, (middle left photo) 220-240 Ninth Street, 64 units, $3.425 million
Lakewood, NJ

Farmingdale Gardens, (middle left photo) 1 West Main Street, 176 units, $11.35 million, Farmingdale, NJ

Sunset Heights. (bottom right photo) 1130 Sunset Road, 120 units, $6.6 million, Burlington, NJ.

“All three of these multifamily communities are well-located assets in markets with strong apartment demand and fundamentals,” said Mikula.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing. http://www.hfflp.com/.

CONTACTS:

Jon Mikula, HFF Senior Managing Director, 973 549 2000, jmikula@hfflp.com

James A. Cadranell, HFF Managing Director, 973 549 2000, jcadranell@hfflp.com

Myra F. Moren, HFF Director, 713 852 3500, mmoren@hfflp.com