In the larger of the two deals, a total of $9.8 million in financing was arranged for the Windrose Apartments in Kansas City, MO. Windrose Housing LP received the funding through JP Morgan Mortgage Capital. Anthony M. Cuccia, senior managing director of HFF, was responsible for putting together the 10-year fixed-rate package. Located some 10 miles from downtown Kansas City, Windrose Apartments consists of 288 rental units and was built in 1985.
"This financing was an opportunity to provide a client of our New Jersey office with the benefits of our national platform," says Cuccia, describing the out-of-state deal.
In the second transaction, financing was arranged for a retail property located in Randolph, NJ. The facility is anchored by an Acme Supermarket and a Bank of New York branch. Acme is one of the operating names of the Albertson's supermarket chain, which owns the property. Jon Mikula, HFF senior director, was responsible for arranging the long-term financing of $4.35 million through American United Life.
"I feel that this transaction reflects our expertise in the retail sector," according to Mikula. "In this instance, we were able to use our national database to pinpoint the lowest cost provider of Albertson's credit."
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