The borrower was Atlantic Heights LLC, an affiliate of theWalters Group. The 20-year, 6.19% fixed-rate forward loan wasarranged through John Hancock Life Insurance Co. Cadranellrepresented the borrower.

"We were able to close by structuring funding at 85% occupancyto minimize the forward cost," according to Cadranell. "Thisincluded pre-negotiated extensions of the closing date to give theborrower comfort that target occupancy could be reached. The loandocuments also allow the borrower to come back for secondaryfinancing back up to 75% at any time during the 20-year loanterm."

Located on Barnegat Boulevard here, Atlantic Heights Apartmentsis made up of a total of 30 buildings on a 44-acre site near theGarden State Parkway. The complex has 82 one-bedroom, 166two-bedroom and 62 three-bedroom units. Completed earlier thisyear, the property is now 100% occupied, according toCadranell.