$96M Financing Set for Apartments, Offices

In that transaction, HFF senior managing director Tom Didio worked on behalf of Tower Management Service, the River Edge-based owner of the portfolio, to obtain a 10-year, fixed-rate loan through Freddie Mac. The loan will be used to pay off the portfolio's existing debt, and it will be serviced by HFF, according to Didio.

"We were able to commit to a rate and fund the loan in 29 days," he says. "Freddie Mac did a great job in meeting the needs of Tower Management Service to enable this refinancing to close."

Altogether, the portfolio adds up to just more than 1,500 garden apartments and flats in the two states. At the time the refinancing closed, the portfolio was approximately 98% leased.

In the second transaction, a $12.8-million refinancing package was obtained for 765 Broad St., a seven-story, 205,000-sf office building in Downtown Newark. HFF managing director Jim Cadranell and senior managing director Jon Mikula worked on behalf of the building owner, New York City-based Cogswell Realty Group, to secure the three-year, adjustable rate loan with Capmark's Principal Finance Group.

"The financing will be used to take out an existing loan and provide additional proceeds for anticipated tenant improvements and leasing commissions," Cadranell says. "The available space at 765 Broad St. is expected to lease up in the near term with the help of improving market conditions in Newark's office market."

Cogswell Realty has already made some improvements to the class B asset, which is located next to the world headquarters of Prudential Financial. Right now, the building is 35% leased to Wachovia Bank and Cablevision, with available office space listed at $22 per sf plus tenant electric and concourse space listed with an asking price of $15 a foot. Floors four through seven are contiguous, adding up to a total of 104,000 sf.