FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announces $9.3 million in financing for Fairway 28, a 51-unit, luxury mid-rise multi-housing property in Bridgewater, New Jersey.
The HFF team worked exclusively on behalf of the borrower, Country Classics, to secure the 10-year, fixed-rate loan with a life insurance company. This loan allowed the borrower to take advantage of the capital markets by retiring the existing construction loan prior to stabilization and to lock in a low interest rate.
Completed in December 2016, Fairway 28 features 51 one-, two- and three-bedroom luxury apartment units, 11 of which are affordable. Units feature high-end finishes such as stainless steel appliances, Silestone countertops, faux-wood flooring and in-unit washers and dryers. Community features include a fitness center, clubroom with kitchenette, storage units, outdoor grill and fire pit, children’s play area, pet spa, dog run and one-car garages that include extra storage space. Located in Central New Jersey, the property provides access to multiple employment bases, retail options and area amenities via Interstates 78 and 287 and Routes 202, 206, 28 and 22. In addition, Fairway 28 also offers access to Newark and Manhattan via New Jersey Transit’s Raritan Station, which is 1.5 miles away. The property was in lease-up at the time of closing with 90 percent of the units occupied and has since reached 100 percent occupancy.
The HFF debt placement team representing the borrower included senior managing director Jim Cadranell and associate Matthew Pizzolato.
“Country Classics was able to replicate the success they’ve had in the development of luxury single-family homes throughout the past 28 years with the development of one of Central New Jersey’s finest multifamily properties,” Pizzolato said. “Fairway 28 will serve as a benchmark to other multifamily developments in the area. The lender recognized this and provided excellent terms.”
Holliday Fenoglio Fowler, L.P. and Holliday GP Corp are licensed New Jersey real estate brokers.
About Country Classics: With nearly 30 years of residential development experience in New Jersey and Pennsylvania, Country Classics has a reputation for delivering superior residential product to the market. The firm has developed more than 1,400 single-family and multifamily homes in some of the most desirable neighborhoods throughout Central New Jersey and Lehigh Valley. In addition to its long history developing single-family homes, the company has developed a pipeline of luxury multifamily rental communities.
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. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.