HFF secures refinancing for New Windsor, NY multi-housing community

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a $1.7 million refinancing for Windsor Terrace Apartments, a 28-unit multi-housing community in New Windsor, Orange County, New York.

HFF associate director Michael Klein (top right photo)  and senior managing director Thomas Didio  (middle left photo) worked on behalf of Tower Management Company to arrange the five-year, fixed-rate loan with Oritani Bank.

Tower Management Service, L.P. is a real estate operating company, which owns approximately 2,200 multi-family apartment units in 20 garden-style apartment communities in New Jersey and New York State.

Windsor Terrace Apartments is located at 3 Provost Drive close to the New York State Thruway, Interstate 84 and 9 West in New Windsor. The property has two buildings with one-, two- and three-bedroom units averaging 914 square feet each. Community amenities include common laundry and on-site parking.

“The borrower acquired Windsor Terrace Apartments in the summer of 2008 and has since repositioned the property and improved occupancy to 100 percent,” said Klein.

 “This property was a natural acquisition for Tower Management as they currently own and operate 351 additional units in three Orange Country communities including Forge Hill Apartments, which is adjacent to Windsor Terrace.”

Contacts:

Michael Klein, HFF Associate Director, (973) 549-2000, mklein@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges $24.15M  in permanent financing for Ohio and Pennsylvania grocery-anchored retail centers

PITTSBURGH, PA – The Pittsburgh office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $24.15 million in permanent financing for two grocery-anchored retail centers in Wadsworth, Ohio and Pittsburgh, Pennsylvania.

HFF managing director Claudia Steeb worked on behalf of Echo Real Estate Services Company for the borrowing entities to secure the cross-collateralized, fixed-rate loans through CUNA Mutual Group.

 The $10.5 million and $13.65 million loans have 20-year terms with 20-year amortization schedules. The loans will also be serviced by HFF. Echo Real Estate Services Company offers development and construction management services, leasing and brokerage services, property management, partnership management and syndication and financial services for retail projects in the Ohio and Pennsylvania areas.

The Wadsworth, Ohio property is located at the Akron Road interchange of Interstate 76, approximately 10 miles west of Akron. Completed in September 2009, the property consists of a 92,600-square-foot supermarket and a pad site that is leased to Key Bank.

Completed in October 2009, the Pittsburgh property is a 130,000-square-foot grocery store situated within the Settlers Ridge Retail Development (bottom right photo). The property is visible and easily accessible from Parkway West (Interstate 376) in Robinson Township.

Contacts:
Claudia A. Steeb,HFF Managing Director, 412) 281-8714, csteeb@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, ( (713) 852-3500, krmurphy@hfflp.com