Sunday, June 1, 2014

HFF arranges $8 million financing for Village Knoll Apartments in suburban Harrisburg, PA


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. 

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


.

No comments:

Post a Comment