(Read more on the multifamily market.)
LAKEWOOD, NJ-Matzel Development has picked up a $22.38-millionrefinancing for Covington Village, its under-development CovingtonVillage active adult condo community here. The funding was arrangedby senior managing director Jon Mikula and managing director JimCadranell of the Florham Park office of Holliday Fenoglio Fowler,and placed with Wells Fargo Bank.
The new loan replaces an existing construction loan arranged byHFF through Wachovia in 2003. Matzel is an Ocean-based boutiquereal estate company that develops townhouse and single-familycommunities throughout New Jersey.
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