Holliday Fenoglio Fowler arranged the $13.25 million refinancing of SOMA, a 69-unit luxury apartment community in Somerville, New Jersey.
HFF worked exclusively on behalf of the borrower, Sterling Properties Group, LLC, to secure the long-term, fixed-rate financing from New York Life Insurance Company.
SOMA is located at 110 South Bridge Street adjacent to the Somerville Train Station, which provides access to New York’s Penn Station.
Additionally, the LEED Silver property is less than half of a mile from NJ Transit bus service and less than seven miles from major highways, including Interstate 287, Interstate 78, Route 202/206 and Route 22.
Completed in 2019, SOMA’s 69 luxury residences feature a mix of studio, one- and two-bedroom floor plans with stainless steel appliances, European-style cabinetry, quartz countertops, subway tile backsplash, Moen faucets and fixtures.
Community amenities include a private fitness center, tech lounge, bike share program and proximity to downtown Somerville’s restaurants, retail and entertainment.
The HFF debt placement team representing the borrower was led by senior managing directors Jim Cadranell and Jon Mikula and analyst Andrew Zilenziger.