Holliday Fenoglio Fowler, L.P. secured financing totaling $65 million for a three-property, 974-unit multi-housing portfolio.
The properties in the portfolio are: Brighton Arms and Tree Haven in New Jersey and Valley Run in Delaware.
HFF worked on behalf of the borrower, PRC Group, to secure fixed-rate financing for the portfolio in three separate transactions through Investors Bank.
Brighton Arms is located along West Sylvania Avenue near New Jersey Route 18 in Neptune City, New Jersey. The 20-building community was built in three phases and features 428 one- and two-bedroom units averaging 937 square feet each.
Tree Haven is a three-phase, two-story garden-style apartment community located in Matawan and Aberdeen, New Jersey. Valley Run is located at 2601 Carpenter Road in suburban Wilmington, Delaware, approximately 1.3 miles from Interstate 95. The garden-style community is comprised of 28 two- and three-story buildings that have 278 flat and townhome-style units averaging 955 square feet each.
The HFF debt placement team representing PRC Group was led by senior managing directors Jim Cadranell and Jon Mikula