(Read more on the multifamily market.)

LAKEWOOD, NJ-Matzel Development has picked up a $22.38-million refinancing for Covington Village, its under-development Covington Village active adult condo community here. The funding was arranged by senior managing director Jon Mikula and managing director Jim Cadranell of the Florham Park office of Holliday Fenoglio Fowler, and placed with Wells Fargo Bank.

The new loan replaces an existing construction loan arranged by HFF through Wachovia in 2003. Matzel is an Ocean-based boutique real estate company that develops townhouse and single-family communities throughout New Jersey.

Actual construction on Covington Village began in 2003 and, to date, buildings one through five have been completed. Up to 10 buildings will be constructed altogether, adding up to 360 one- and two-bedroom units.

“This immediate area is home to nearly 170,000 residents age 55 and over,” Mikula says. “But there is a limited number of active adult communities in the primary market, which is driving interest in Covington Village.”

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