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| Franklin Lakes, Bergen County, NJ |
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| 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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