FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announces the $21.5 million financing of Mill Pond at Franklin Lakes, a 100-unit, Class A multi-housing community in Franklin Lakes, Bergen County, New Jersey.
The HFF team worked exclusively on behalf of the borrower, Sterling Properties Group, LLC, to secure the long-term, fixed-rate refinancing through New York Life Insurance Company.
Mill Pond at Franklin Lakes is located at 1100 Sterling Drive just off Old Mill Road convenient to Route 208, Interstate 287, Route 17 and Route 80. In addition, the property is approximately 22 miles northwest of the George Washington Bridge offering access into Manhattan. The property has 10 residential buildings comprising a variety of one- and two-bedroom units ranging from 816 to 1,317 square feet. Community amenities include an outdoor heated pool with patio, clubhouse and fitness center. Units feature private entrances, granite countertops, designer cabinetry, soaking tubs, hardwood floors, lofts, balconies and one-car garages. The property is 100 percent leased.
The HFF debt placement team representing the borrower included senior managing directors Jim Cadranell and Jon Mikula.
“The Mill Pond refinancing was a win-win for both lender and borrower” Cadranell said. “New York Life Insurance Company was able to retain a good loan in its portfolio and the borrower obtained a significantly lower interest rate. It was HFF’s pleasure to facilitate the transaction.”
Holliday Fenoglio Fowler, L.P. and Holliday GP Corp are licensed New Jersey real estate brokers.
About Sterling Properties Group, LLC: Sterling Properties is widely recognized as a premier developer of luxury rental residences, upscale single-family homes, townhomes, retail and commercial throughout New Jersey and the Metropolitan area. Sterling Properties currently owns and manages 17 communities totaling 1,500 units located throughout New Jersey and Orange and Dutchess County, New York. For more information, visit sterlingpropertiesnj.com.
About HFF: HFF and its affiliates operate out of 24 offices and are 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, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.