FLORHAM PARK, NJ-The locally based office of Holliday FenoglioFowler, L.P. has secured a $1.7-million refinancing for WindsorTerrace Apartments, a 28-unit multi-housing community in NewWindsor, NY.

|

HFF associate director Michael Klein and senior managingdirector Thomas Didio worked on behalf of Tower Management Companyto arrange the five-year, fixed-rate loan with Oritani Bank. TowerManagement Service, L.P. is a real estate operating company, whichowns approximately 2,200 multifamily apartment units in 20garden-style apartment communities in New Jersey and New York.

|

Windsor Terrace Apartments is located at 3 Provost Dr. Theproperty has two buildings with one-, two- and three-bedroom unitsaveraging 914 square feet each. Community amenities include commonlaundry and on-site parking.

|

“The borrower acquired Windsor Terrace Apartments in the summerof 2008 and has since repositioned the property and improvedoccupancy to 100 percent,” says Klein. “This property was a naturalacquisition for Tower Management as they currently own and operate351 additional units in three Orange Country communities includingForge Hill Apartments, which is adjacent to Windsor Terrace.”

|

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.