Saturday, August 26, 2017

HFF announces $21.5 Million financing of Class A multi-housing community in Franklin Lakes, NJ


Franklin Lakes, Bergen County, NJ
Jim Cadranell
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announces the $21.5 million financing of Mill Pond at Franklin Lakes, a 100-unit, Class A multi-housing community in Franklin Lakes, Bergen County, New Jersey.

The HFF team worked exclusively on behalf of the borrower, Sterling Properties Group, LLC, to secure the long-term, fixed-rate refinancing through New York Life Insurance Company. 

Mill Pond at Franklin Lakes is located at 1100 Sterling Drive just off Old Mill Road convenient to Route 208, Interstate 287, Route 17 and Route 80.  In addition, the property is approximately 22 miles northwest of the George Washington Bridge offering access into Manhattan.

 The property has 10 residential buildings comprising a variety of one- and two-bedroom units ranging from 816 to 1,317 square feet.  Community amenities include an outdoor heated pool with patio, clubhouse and fitness center.  Units feature private entrances, granite countertops, designer cabinetry, soaking tubs, hardwood floors, lofts, balconies and one-car garages.  The property is 100 percent leased.

Jon Mikula
The HFF debt placement team representing the borrower included senior managing directors Jim Cadranell and Jon Mikula.

“The Mill Pond refinancing was a win-win for both lender and borrower” Cadranell said.  “New York Life Insurance Company was able to retain a good loan in its portfolio and the borrower obtained a significantly lower interest rate.  It was HFF’s pleasure to facilitate the transaction.”

Holliday Fenoglio Fowler, L.P. and Holliday GP Corp are licensed New Jersey real estate brokers.

For more information on this news release, please contact:

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | hfflp.com


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