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Debt & Equity

Tower Management refinances 1,300-unit housing portfolio with $98M in securitized loans

Holliday Fenoglio Fowler secured financing totaling $98.403 million for an 11-property multi-housing portfolio totaling 1,300 units located in various New Jersey and New York locations.

HFF worked exclusively on behalf of Tower Management Service, L.P. to place 11 separate 10-year, interest only, fixed-rate loans with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.

The securitized loans will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. Loan proceeds were used to refinance existing Freddie Mac debt.

The garden-style properties are 95 percent occupied overall. The New Jersey properties encompass five communities totaling 354 units in Bergen County, two communities totaling 231 units in Union County, one 176-unit community in Mercer County and one 317-unit community in Middlesex County.

ddddddddd properties are located in Orange County, NY
Two properties are located in Orange County, NY

The two New York properties are located in Orange County and total 222 units.

The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio. “The borrower has a terrific management organization and Freddie Mac was happy to provide the financing to such a strong owner,” Didio stated.

“In addition, the HFF Freddie Mac underwriting team did a great job underwriting and closing these loans allowing for a smooth process overall.”

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