Tower Refinances $98.4M Loans on 11 MF Assets in NJ, NY

FLORHAM PARK, NJ—Tower Management Service has refinanced $98.403 million  in loans covering an 11-property, 1,300-unit multifamily portfolio located in various New Jersey and New York locations.

HFF placed 11 separate 10-year, interest only, fixed-rate loans with Freddie Mac's CME Program.  The securitized loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Loan proceeds were used to refinance existing Freddie Mac debt.

The garden-style properties are 95 percent occupied overall.  The New Jersey properties encompass five communities totaling 354 units in Bergen County, two communities totaling 231 units in Union County, one 176-unit community in Mercer County and one 317-unit community in Middlesex County.  The two New York properties are located in Orange County and total 222 units.

The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio.

“The borrower has a terrific management organization and Freddie Mac was happy to provide the financing to such a strong owner,” Didio says.  “In addition, the HFF Freddie Mac underwriting team did a great job underwriting and closing these loans allowing for a smooth process overall.”

FLORHAM PARK, NJ—Tower Management Service has refinanced $98.403 million  in loans covering an 11-property, 1,300-unit multifamily portfolio located in various New Jersey and New York locations.

HFF placed 11 separate 10-year, interest only, fixed-rate loans with Freddie Mac's CME Program.  The securitized loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Loan proceeds were used to refinance existing Freddie Mac debt.

The garden-style properties are 95 percent occupied overall.  The New Jersey properties encompass five communities totaling 354 units in Bergen County, two communities totaling 231 units in Union County, one 176-unit community in Mercer County and one 317-unit community in Middlesex County.  The two New York properties are located in Orange County and total 222 units.

The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio.

“The borrower has a terrific management organization and Freddie Mac was happy to provide the financing to such a strong owner,” Didio says.  “In addition, the HFF Freddie Mac underwriting team did a great job underwriting and closing these loans allowing for a smooth process overall.”