Multifamily refi closed.
The New Jersey office of HFF HFF Hochschule für Fernsehen und Film München (Germany)
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HFF Horizontal Flute Factor (Holliday Fenoglio Fowler, L.P.) has arranged $83 million in refinancing for a 12-property multifamily portfolio in New Jersey and New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of .
HFF senior managing director Tom Didio worked exclusively on behalf of Tower Management Service, L.P. to secure the 10-year, fixed-rate loan Fixed-rate loan
A loan whose rate is fixed for the life of the loan. through Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. .
The loan will be used to pay off the portfolio's existing debt and it will be serviced by HFF.
"We were able to commit to a rate and fund the loan in 29 days," said Didio. "Freddie Mac did a great job in meeting the borrower's needs to enable this refinancing to happen before year-end."
The portfolio includes 1,501 multifamily garden apartments and flats in Northern New Jersey. The portfolio was 98% leased at the time of closing.