DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured financing for Heritage Pointe of Teaneck, a 142-unit independent living facility in Teaneck, Bergen County, New Jersey.
HFF marketed the property on behalf of Lowe Enterprises Investors, acting on behalf of an investment client, to an undisclosed buyer. In addition, HFF secured a $33.23 million floating-rate loan on behalf of the buyer through Investors Bank and TIAA Direct, a division of TIAA-CREF Trust Company, FSB.
Completed in 2004, Heritage Pointe of Teaneck is a four-story independent living property that has 45 one-, 94 two- and three three-bedroom units averaging 1,045 square feet each. The property is 97.2 percent occupied and includes amenities such as a restaurant-style dining room, exercise room, wellness room, arts and crafts room, card room, resident lounge with fireplace, business center, recreation room, hair and nail salon and tennis courts. Heritage Pointe of Teaneck is located at 600 Frank W. Burr Boulevard and is approximately a half of a mile from Holy Name Hospital and near Englewood Hospital and Hackensack Medical Center.
The HFF team representing the seller was led by managing directors Ryan Maconachy and Chad Lavender along with senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Michael Oliver.
HFF’s debt placement team was led by managing director Steven Klein.
About Lowe Enterprises Investors: Lowe Enterprises Investors (LEI) provides real estate investment management services on behalf of a select list of institutional and high-net-worth clients and partners through individually managed accounts, commingled fund relationships and targeted investment programs. The firm has been responsible for $7 billion in real estate assets, including commercial, hospitality and debt investments, since inception in the late 1980s. LEI has been a leading value-added investor through multiple cycles, employing equity and structured debt in its investment strategies. The firm is based in Los Angeles and is an affiliate of Lowe Enterprises, a national investment, development and management firm. Since inception in 1972, Lowe has acquired, developed or managed more than $24 billion of real estate assets. Lowe maintains additional regional offices in Southern California, Denver, Philadelphia, Seattle and Washington, DC. For more information about LEI, please visit: www.LoweInvestors.com.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national 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.