FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $45.5 million in financing for The Metropolitan, a 128-unit, Class A apartment community in Hoboken, New Jersey.
HFF worked exclusively on behalf of the borrower, Advance Realty and a global investment group, to secure the 10-year, fixed-rate loan through Cigna Investments (Cigna). Proceeds from the loan were used to acquire the asset from AEW Capital Management, L.P. (AEW), acting on behalf of one of its institutional separate account clients, in a separately announced, HFF-brokered transaction.
Located in the dynamic northwest portion of Hoboken at the intersection of Clinton and Grand Streets, The Metropolitan consists of two four-story buildings situated above one level of parking and retail. The property’s one-, two- and three-bedroom luxury units average 939 square feet, each with in-unit washers and dryers. The Metropolitan features recently renovated amenities, including a fitness center; resident lounge; activity room with billiards, TV and bar; concierge system and a landscaped courtyard. The 2,000 square feet of ground-floor retail space is occupied by an onsite dry cleaners and nail salon. The 97-percent-leased property is positioned adjacent to a brand new Trader Joe’s and within walking distance to numerous other retail and dining amenities. The transit-oriented community also offers residents easy access into Manhattan via bus, train, shuttle or car.
The HFF debt placement team representing the borrower was led by senior managing directors Jon Mikula and Jim Cadranell, who previously secured financing for this asset on AEW’s behalf three years ago.
“We were thrilled to assist the borrower in securing a debt solution that will help them execute their value-add strategy,” stated Mikula.
“Cigna was extremely responsive and flexible and completed the transaction under a very tight timeframe,” added Cadranell.
About Advance Realty: Advance Realty is a privately owned real estate development, investment and management company headquartered in Bridgewater, N.J. Since its inception in 1979, Advance Realty has acquired or developed more than 10 million square feet of commercial, residential, R&D, industrial and mixed-use projects. Today, the company owns, manages and invests in a diversified portfolio of office, retail, industrial, residential and mixed-use assets in key urban and suburban markets along the Northeast Corridor. The company actively pursues real estate investments that provide opportunity to enhance value through development, repositioning and redevelopment. Advance’s strong capital base, fully integrated platform, outstanding talent and flexibility as a privately held organization position the company for continued growth. For more information, visit www.advancere.com.
About HFF: Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.