In the largest loan, $11.35 million is secured by the 176-unitFarmingdale Gardens at 1 W. Main St. in Farmingdale. A $6.6-millionpackage covers the 120-unit Sunset Heights at 1130 Sunset Rd. inBurlington. And funding of just less than $3.43 million wasobtained for the 64-unit Clifton Arms Apartments at 220-240 NinthSt. in Lakewood. "All three of these communities are well-locatedassets in markets that have strong apartment demand andfundamentals," Mikula says.


For HFF, meanwhile, the financings follow another separate,recent deal, this one involving a self-storage facility in BerkeleyHeights, NJ. Mikula and associate director Michael Klein worked forthe Morristown-based Hampshire Cos. to pick up a loan of just lessthan $6.2 million through US Bank, secured by Berkeley Heights SelfStorage at 310 Snyder Ave. in that city. The proceeds will be usedto refinance existing debt and finish a capital improvementsprogram that includes the construction of additional storageunits.


The asset currently has 662 units totaling more than 51,500square feet of storage space, and a total building size of 98,000square feet. Hampshire acquired it in June2008 from Tuck Away Mini Storage for a price reported to be inthe $8.5-million range.

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