BEAR, DE—The ownership of the 648-unit Christiana Meadows apartment complex here has refinanced the property via a new $45-million financing package.
HFF arranged the 10-year, 3.62%, full-term, interest-only, fixed-rate loan for a joint venture between principals of The Commonwealth Group and The Emory Hill Cos. Proceeds were used to refinance existing debt on the property, HFF states. The development is 92% occupied.
The property is located at 265 Bear Christiana Rd., approximately two miles south of the Delaware Turnpike/Interstate 95. Christiana Meadows consists of 54 three-story buildings, which feature one- and two-bedroom units.
James Conley and Mike Pagniucci led HFF's debt placement team.
"As the largest apartment community in Delaware, Christiana Meadows has enjoyed historically strong occupancy as a result of its competitive rental rates and convenient location, which attracted considerable lender interest in the asset," Conley says.
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