FLORHAM PARK, NJ-HFF has arranged $37.95 million in financing for five garden-style apartment properties totaling 727 units in various New Jersey locations.
HFF worked exclusively on behalf of one borrower, The PRC Group, to secure two separate loans for the group of properties. The first $22.2 million loan for three of the properties was placed with The Provident Bank of Iselin. The other $15.75 million loan for two properties was placed with Columbia Bank.
The entire portfolio is fully leased. It includes these properties:
- 91-unit Grandville Towers, 19 Morford Place, Red Bank
- 64-unit Clifton Arms, 220-240 9th St., Lakewood
- 176-unit Farmingdale Gardens, 1 West Main St., Farmingdale
- 120-unit Sunset Heights, 1130 Sunset Road, Burlington
- 276-unit Willow Point,1701 Salem Road, Burlington
The HFF team representing the borrower was led by Jon Mikula and Jim Cadranell.
The PRC Group is a regional real estate owner, developer and services provider based in West Long Branch since 1960.