Multifamily refi closed.
HFF senior managing director Tom Didio worked exclusively on behalf of Tower Management Service, L.P. to secure the 10-year, fixed-rate loan through Freddie Mac.
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.
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|Publication:||Real Estate Weekly|
|Date:||Jan 17, 2007|
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