The package was arranged by Jon Mikula, senior managing director, and Jim Cadranell, director, of the Edison, NJ office of Holliday Fenoglio Fowler. The funding consists of a two-and-a-half-year, floating-rate loan. Further terms of the financing were not disclosed.
Covington Village at Lakewood is a limited partnership headed by general partner Matzel Development, based in Ocean Twp., NJ. The financing itself was arranged with the New Jersey office of Wachovia Bank's Real Estate Financial Service Group.
Located in northern Ocean County, Covington Village, when completed will consist of a dozen three-story buildings. The gated community will include a total of 216 one-bedroom units and 144 two-bedroom homes. The total price tag for the project has not been released.
The project is situated in one of the region's most popular destinations for active adults and retirees. Located along New Jersey's Atlantic coastline, "Ocean County has the ninth highest percentage of active adults in the country," Mikula points out. "Covington village will provide an active adult community that combines suburban-style living with a number of amenities." Those amenities will include a clubhouse, a computer room, a number of recreational options and concierge service, according to Mikula. The location itself is about halfway between the New York and Philadelphia metro areas.
HFF's New Jersey office closed more than $700 million in new business for its various correspondent lenders in 2003, according to Mikula.
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