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HFF reaches new Heights.

The New Jersey office of Holliday Fenoglio Fowler, L.P. (HFF) arranged a $27 million financing for Atlantic Heights Apartments, a 310-unit, newly-constructed, Class A multifamily community in Barnegat, New Jersey.

Director Jim Cadranell worked on behalf of Atlantic Heights, LLC, to secure the 20-year, 6.19% fixed-rate forward loan through John Hancock Life Insurance Company.

"HFF ensured a successful close by structuring funding at 85% occupancy to minimize the forward cost," said Cadranell. "This included pre negotiated extensions of the closing date to give the borrower comfort that target occupancy could be reached. The loan documents also allow the borrower to come back for secondary financing back up to 75% at any time during the 20-year loan term.
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Title Annotation:Finance: real estate; Holliday Fenoglio Fowler, L.P; Atlantic Heights Apartments
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jul 21, 2004
Words:119
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