X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

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

Get More Information
 

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.