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WEST LONG BRANCH, NJ-The locally based PRC Group has picked up a total of just less than $21.4 million of first mortgage financings for three New Jersey multifamily communities. The three 10-year, fixed-rate loans from Provident Bank were arranged for PRC by senior managing director Jon Mikula and managing director Jim Cadranell of the Florham Park office of Holliday Fenoglio Fowler. Proceeds will be used to pay off outstanding debt.

In the largest loan, $11.35 million is secured by the 176-unit Farmingdale Gardens at 1 W. Main St. in Farmingdale. A $6.6-million package covers the 120-unit Sunset Heights at 1130 Sunset Rd. in Burlington. And funding of just less than $3.43 million was obtained for the 64-unit Clifton Arms Apartments at 220-240 Ninth St. in Lakewood. “All three of these communities are well-located assets in markets that have strong apartment demand and fundamentals,” Mikula says.

For HFF, meanwhile, the financings follow another separate, recent deal, this one involving a self-storage facility in Berkeley Heights, NJ. Mikula and associate director Michael Klein worked for the Morristown-based Hampshire Cos. to pick up a loan of just less than $6.2 million through US Bank, secured by Berkeley Heights Self Storage at 310 Snyder Ave. in that city. The proceeds will be used to refinance existing debt and finish a capital improvements program that includes the construction of additional storage units.

The asset currently has 662 units totaling more than 51,500 square feet of storage space, and a total building size of 98,000 square feet. Hampshire acquired it in June 2008 from Tuck Away Mini Storage for a price reported to be in the $8.5-million range.

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