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HILLTOWN TWP., PA-Heritage Orchard Hill LP, an affiliate of Jamison-based Heritage Building Group, obtained $27 million permanent take-out financing for Heritage Orchard Hill Apartments. Jim Cadranell, director in the Florham Park, NJ office of Holliday Fenoglio Fowler, arranged the loan through Milwaukee, WI-based Northwestern Mutual.

Cadranell tells GlobeSt.com the 10-year loan replaces a short-term construction loan and is at about a 65% loan-to-value ratio. He says the fixed interest rate is “in the low 5% range.” Cadranell has arranged financing for the same real estate and property management firm for a multifamily project in Doylestown and for three others in the Philadelphia area, he says, calling the company “one of the outstanding builders in the area.”

Heritage Orchard Hill is a 233-unit, class A, low-rise multifamily community on 47 acres at One Applewood Dr. It was completed in July 2004 and is approximately 85% leased, according to Cadranell.

The complex contains one-, two- and three-bedroom, townhouse-style units with private entrances, covered porches, finished basements and other amenities. It includes an outdoor pool, two-story clubhouse with a fireplace, fitness center, walking trail, two tennis courts, a sand volleyball court and three children’s playgrounds. Published rental rates begin at $1,445 a month for a one-bedroom unit and reach to $2,320 a month for a two-bedroom unit.

Northwestern Mutual offers both debt and equity for real estate assets ranging in size from $10 million to more than $100 million. HFF’s New Jersey office has closed over $1.2 billion in new business over the past two years.

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