Working exclusively on behalf of River Terrace Gardens Associates, HFF senior managing director Thomas Didio and real estate analyst Michael Oliver placed the 10-year, fixed-rate loan with Freddie Mac. HFF, which is a Freddie Mac licensed Program Plus seller/servicer, will also service the loan.
The 97% leased property has one-, two- and three-bedroom units averaging 844 square feet each. Community amenities include laundry rooms and covered parking.
According to Didio, "River Terrace Apartments has historically maintained an occupancy rate in the mid-to-high 90s, in part due to its location just off State Route 4, a major east-west thoroughfare with an abundance of commercial and retail amenities." The borrower was represented by Richard Kahn and Thomas Cangialosi of the Hackensack-based law firm, Winne, Banta, Hetherington, Basralian & Kahn.
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