The class A apartment tower, formerly owned by Avalon, boasts an additional 5,400 square feet of retail, which is occupied by a dry cleaner, spac and coffee shop. There is also a six-story parking garage adjacent to the facility, which was also taken by the buyer.
The loan has a 30-year amortization from Freddie Mac's CME program, explains Donna Falzarano of CB Richard Ellis' debt & equity financing group. Along with James Gunning, CBRE secured the financing. Jeffery Dunne of CBRE's Tri-State Investment Properties group sourced the investment opportunity for Hartz.
The loan will go to pay the purchase price of the property, and although CBRE would not reveal the interest rate, Falzarano characterized it as "very competitive". It is said to be well-below 6% in the low 5% area. The property's namesake, Avalon, will stay on as the property's manager. The apartments currently range from $1,500 to $2,830 per month rent for a studio, one-, two- or three-bedroom apartment.
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