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FLORHAM PARK, NJ-The New Jersey office of Holliday Fenoglio Fowler, LP has secured refinancing totaling $9 million for Plaza I and Plaza II Apartments, a 256-unit multifamily community in Lebanon, PA.

HFF senior managing director Jim Cadranell worked exclusively on behalf of Altman Cos. to secure two, 10-year, 6.25% fixed-rate loans. Wachovia Multifamily Capital Inc. and Fannie Mae provided a $4.6 million loan for Plaza I and a $4.4 million loan for Plaza II Apartments. Despite market stagnation, Candranell tells GlobeSt.com that Plaza Apartments is a very solid property with good occupancy history that fit well into Wachovia and Fannie Mae’s lending criteria.

Located on 24 acres at 1813 Summit St., Plaza I and II Apartments is adjacent to the Lebanon Place Mall and close to the Pennsylvania Turnpike in Lebanon, a south central Pennsylvania suburb. The 98% leased property has 12, three-story buildings with one-, two- and three-bedroom units averaging 780 square feet each. Community amenities include a swimming pool, two tennis courts, a half-court basketball court and tot lots.

Fort Washington, PA-based Altman Cos. is a full-service real estate firm that owns and operates several thousand multifamily units throughout eastern Pennsylvania, and manages more than 14,000 units in Pennsylvania, New Jersey and Delaware.

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