The class A apartment tower, formerly owned by Avalon, boasts anadditional 5,400 square feet of retail, which is occupied by a drycleaner, spac and coffee shop. There is also a six-story parkinggarage adjacent to the facility, which was also taken by thebuyer.

The loan has a 30-year amortization from Freddie Mac's CMEprogram, explains Donna Falzarano of CB Richard Ellis' debt &equity financing group. Along with James Gunning, CBRE secured thefinancing. Jeffery Dunne of CBRE's Tri-State Investment Propertiesgroup sourced the investment opportunity for Hartz.

The loan will go to pay the purchase price of the property, andalthough CBRE would not reveal the interest rate, Falzaranocharacterized it as "very competitive". It is said to be well-below6% in the low 5% area. The property's namesake, Avalon, will stayon as the property's manager. The apartments currently range from$1,500 to $2,830 per month rent for a studio, one-, two- orthree-bedroom apartment.