FLORHAM PARK, NJ—HFF says it secured $65 million in financing for a three-property, 974-unit multi-housing portfolio that includes two central New Jersey properties and one in Delaware.
HFF worked on behalf of the borrower, PRC Group, to secure fixed-rate financing for the portfolio in three separate transactions through Investors Bank.
Brighton Arms, a 20 building community of 428 one- and two-bedroom units, is located along West Sylvania Avenue near New Jersey Route 18 in Neptune City, NJ. Tree Haven is a three-phase, two-story garden-style apartment community of 24 buildings with 268 one- and two-bedroom units at 130 and 120 Ravine Drive in Matawan and 33 Aberdeen Road in Aberdeen. Valley Run is a garden-style community of 28 two- and three-story buildings with 278 flat and townhome-style units at 2601 Carpenter Road in suburban Wilmington, DE. All of the properties include amenities such as outdoor swimming pools, tennis courts and large playgrounds.
The HFF debt placement teamac was led by senior managing directors Jim Cadranell and Jon Mikula.
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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].
