YARDLEY, PAHFF has closed thesale of and arranged acquisition financing for YardleyCrossing, a 196-unit multi-housing community situatedalong the Delaware River at 1800 Kathy Drive,Yardley, PA.

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HFF marketed the property exclusively on behalf of the seller,Fairfield Belmondo LLC. RelativeProperties, a new venture led by principals DevinAronstam and Paul Aschkenasy, purchasedthe property. HFF also worked exclusively onbehalf of the buyer to secure Fannie Mae financing for theproperty.

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Yardley Crossing is situated on 23.68 acres, approximately 35minutes from Center City Philadelphia and 55 minutes from New YorkCity. The asset is predominantly comprised of two- andthree-bedroom townhome-style units averaging more than 1,200 squarefeet, and also includes 12 one-bedroom flats that are 775 squarefeet. Community amenities include a swimming pool, basketballcourts, playground, jogging and bike trails, clubhouse andrecreation room.

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HFF senior managing directors ZacPierce, Mark Thomson and JoseCruz led the investment sales team representing theseller. Managing directors Ryan Ade andJames Conley led HFF's debt placement team.

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“Yardley Crossing generated a significant amount of investordemand due to the property's convenient location proximate toseveral major cities, and its upside potential,” saysPierce. All parties involved executedflawlessly and epitomized professionalism throughout the course ofthe transaction.”

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“The HFF team has a track record of roughly$500 million in transactions with Devin Aronstam,and we are excited to have been involved in the first acquisitionof the new Relative Properties venture,” saysThomson. “We look forward to the opportunity towork with their team again in the future as they expand theirmarket share in the region.”

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Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].