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| John Mikula |
FLORHAM PARK, NJ – HFF announced it has secured a $37
million construction/perm loan for the development of Station at Lyndhurst,
a 192-unit, to-be-built, Class A multi-housing community in Lyndhurst, New
Jersey.
Working on behalf of JG Petrucci, HFF placed the long term loan with
Webster Bank. The loan is structured to
complete the construction of the project and provide long-term permanent
financing.
Station at Lyndhurst is currently under construction with an
estimated completion date of November 1, 2014.
Upon completion, the property will feature 192 units situated within one
building atop a structured parking garage.
Station at Lyndhurst is located at 240 Chubb Avenue in the
Meadowlands region of Northern New Jersey less than five miles from the Lincoln
Tunnel entrance for direct access to Midtown Manhattan.
“Given the continued demand for Class A multi-family,
lenders have become very creative on structure in order to differentiate
themselves while still competing on pricing.
“In this case Webster Bank provided an excellent execution
to help our client lock in long-term debt in a low interest rate environment
before a single unit was rented,” stated HFF’s Jon Mikula.
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
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel
617.543.4873 | www.hfflp.com
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