HFF Arranges Financing for Harrisburg Multifamily

HARRISBURG, PA—HFF reports it has arranged $8 million in financing for the 204-unit Village Knoll Apartments community here.

HFF worked exclusively on behalf of the borrower, LCL Management L.L.C., to secure the 10-year, fixed-rate loan through Sun National Bank of Mount Laurel, NJ. Loan proceeds will be used to retire existing debt, and fund unit upgrades and other capital improvements to the community, HFF officials say.

Village Knoll Apartments is situated on a 16.96-acre site at 100 Joya Circle, four miles west of downtown Harrisburg in Lower Paxton Township. Owned by the borrower since 1989, the property consists of 24, two-story buildings that include a mix of one-bedroom plus den and two-bedroom units averaging 856 square feet each. Community amenities include a dog run, tennis courts, basketball court and picnic area. The property is 92% leased.

The HFF team representing the borrower was led by Director Michael Klein and Associate Director Samuel Seiden.

"The borrower's goal was to obtain attractively priced 10-year money with as much prepayment flexibility as possible," Klein says. "Sun National Bank was able to meet the borrower's needs and executed the transaction flawlessly."

LCL Management L.L.C. is a Parsippany, NJ based operator of multifamily and retail properties. LCL's current portfolio consists of approximately 2,800 multifamily units in New Jersey, Pennsylvania, Ohio and New Mexico, as well as five shopping centers.