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| Michael KLein |
FLORHAM PARK, NJ – HFF announced it has arranged an $8
million financing for Village Knoll Apartments, a 204-unit multi-housing
community in suburban Harrisburg, Pennsylvania.
HFF worked exclusively on behalf of the borrower, LCL
Management L.L.C., to secure the 10-year, fixed-rate loan through Sun National
Bank. Loan proceeds will be used to
retire existing debt, and fund unit upgrades and other capital improvements to
the community.
Village Knoll Apartments is situated on a 16.96-acre site at
100 Joya Circle, four miles west of downtown Harrisburg in Lower Paxton
Township.
Owned by the borrower since 1989, the property consists of
24, two-story buildings that include a mix of one-bedroom plus den and
two-bedroom units averaging 856 square feet each. Community amenities include a dog run, tennis courts, basketball
court and picnic area. The property is
92 percent leased.
The HFF team representing the borrower was led by director Michael
Klein and associate director Samuel Seiden.
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| Village Knoll Apartments, 100 Joya Circle Harrisburg, PA |
“The borrower’s goal was to obtain attractively priced
10-year money with as much prepayment flexibility as possible,” said
Klein. “Sun National Bank was able to
meet the borrower’s needs and executed the transaction flawlessly.”
LCL Management L.L.C. is a Parsippany, New Jersey-based
operator of multifamily and retail properties.
LCL’s current portfolio consists of approximately 2,800 multifamily
units in New Jersey, Pennsylvania, Ohio and New Mexico, as well as five
shopping centers.
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
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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