HFF secures financing on behalf of Tower Management Company for northeastern New Jersey multifamily complex

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced has arranged a $4.9 million refinancing on behalf of Tower Management Company for Tower Spring Gardens II, (top left photo) a multifamily complex in New Providence, New Jersey.

Working exclusively on behalf of the borrower, HFF senior managing director Tom Didio (middle right photo) placed the five-year, fixed-rate loan with a regional bank. Loan proceeds were used to take out an existing construction loan.

Tower Management Company focuses on acquiring underperforming multifamily properties in well-established markets in which it has utilized its expertise in property management and operations to increase cash flows and value.

Tower currently owns and operates more than 2,000 multifamily units in 21 garden communities in New Jersey, New York and Pennsylvania.

Completed in 2008, Tower Spring Gardens II features 27 one-, two- and three-bedroom units averaging 1,300 square feet each.

The fully-leased property is situated on a 2.5-acre site at 851 Springfield Avenue across from the New Jersey Transit’s New Providence train station in the northeastern New Jersey town of New Providence.

The borrower also owns the adjacent property, Tower Spring Gardens I.

Contacts:
Thomas R. Didio, HFF Senior Managing Director, (973) 549-2000, tdidio@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com