Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here and to read more on the multifamily market, click here.)

BRICK, NJ-LCL Management has received a $6 million loan secured by its Brick Estates, a 90-unit multifamily community here. The borrower is a Parsippany, NJ-based owner/operator of multifamily and retail properties.

The funding was arranged by senior managing director Jon Mikula and managing director Jim Cadranell of the Florham Park, NJ office of Holliday Fenoglio Fowler. The 10-year, fixed-rate loan was placed through Freddie Mac, according to Mikula. The 70% leveraged loan will refinance an existing loan, provide funds for an ongoing interior upgrade program and will be serviced through HFF.

Brick Estates, on an eight-acre site, consists of five, two-story buildings with one- and two-bedroom apartments, and one-, two- and three-bedroom townhomes. The property is currently 97% occupied.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.