Holliday Fenoglio Fowler, L.P. (HFF) announced the $24.8 million financing for the development of 30 Court, a 58-unit condominium community in downtown Morristown, New Jersey.
Working on behalf of DRA 30 Court, LLC, a joint venture between Diversified Realty Advisors, LLC and a private investor, the HFF team placed the 30-month construction loan with Investors Bank.
30 Court will consist of spacious two-bedroom, for-sale homes ranging from 1,276 to 1,939 square feet.
The homes will feature best-in-class designer kitchens with granite countertops, wood cabinetry, central air conditioning, hardwood floors and in-home washers and dryers.
The property will also feature a two-story, 131-space parking garage and a half-acre of private, outdoor recreational space. Due for completion in 2019, 30 Court will be situated two blocks from the Morristown Green and within walking distance to the downtown area’s retail and dining amenities. The transit-oriented project is located approximately half of a mile from the Morristown Train Station and six miles southwest of the Interstate 287/80 interchange.
The HFF debt placement team representing the borrower included managing director Michael Klein and senior managing director Jon Mikula.
“HFF is pleased to have worked with the borrowers to secure construction financing for this exciting project, which represents one of the few condominium developments in Northern New Jersey not located along the Hudson Waterfront,” Klein stated.
“Investors Bank offered a great loan that provided the borrower with the proceeds, funding schedule and prepayment structure that best met the partnership’s needs.”