HFF arranges $18M refinancing for Ivy Lane Apartments in Bergenfield, NJ

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged an $18 million refinancing for Ivy Lane Apartments, a 237-unit multi-housing community in Bergenfield, New Jersey.

HFF senior managing director Tom Didio (top right photo) worked on behalf of Tower Management Service, LP to secure the permanent, fixed-rate loan through Oritani Bank. The refinancing proceeds were used to replace the existing debt at more favorable terms.

Ivy Lane Apartments is located at 8 Howard Drive in Bergenfield, New Jersey. The recently renovated property has one-, two- and three-bedroom units within 17 buildings.

“Oritani Bank was able to structure a financing that met the borrower’s needs and they won this business because they were willing to do so. We are pleased to have advised and represented the borrower in this transaction,” 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.

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


HFF secures $5.4M refinancing for student housing community at Clarion University in Pennsylvania

INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured refinancing for Campus Habitat 8 Apartments, (bottom left  photo)  a 70-unit, 151-bed student housing community located immediately adjacent to Clarion University in Clarion, Pennsylvania.

HFF senior managing director Dave Keller (middle left  photo)  worked on behalf of Campus Habitat to secure the 10-year, fixed-rate loan with Farmers & Merchants Bank of Western PA. Proceeds of the new loan were used to repay the original acquisition and renovation financing.

“In these challenging economic times we have relied on local and regional banks to provide crucial financing for our student communities. One of the best decisions we made was to partner with HFF to facilitate those connections.

"Time and again, HFF has delivered exactly what they promised and closed every deal. In times like these, the certainty of execution is of paramount value and HFF has consistently delivered,” said Maximus Yaney, (middle right photo)  president of Campus Habitat.

Campus Habitat 8 Apartments is located at 990 East Main Street, immediately adjacent to Clarion University’s campus, approximately 80 miles north of Pittsburgh. Renovated in 2008 and 2009, the property has two buildings with 15 studio, 25 one-bedroom and 30 two-bedroom units averaging 466 square feet each. The property is almost fully leased for the 2009-2010 academic year.

“When Campus Habitat purchased the community in 2008, they acquired a property, which was the best-located residence on the Clarion campus, and began a complete renovation of the property that greatly improved the attractiveness and income levels,” said Keller.

“As a result, interest in the property has been extremely high and preleasing activity for the 2010-2011 academic year has broken 2009-2010’s record-setting velocity.”

Established in 2002, Campus Habitat acquires, renovates and manages student apartment communities near universities nationwide. They create upscale atmospheres by providing innovative amenities reflecting the cultural and social values of the student population. Campus Habitat operates properties in New York, Illinois, Indiana, Michigan, Pennsylvania, North Carolina, Texas, and Wyoming.

Contacts:

David B. Keller, HFF Senior Managing Director, (317) 630-3191, dbkeller@hfflp.com
 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com