The borrower was Atlantic Heights LLC, an affiliate of the Walters Group. The 20-year, 6.19% fixed-rate forward loan was arranged through John Hancock Life Insurance Co. Cadranell represented the borrower.

"We were able to close by structuring funding at 85% occupancy to minimize the forward cost," according to 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."

Located on Barnegat Boulevard here, Atlantic Heights Apartments is made up of a total of 30 buildings on a 44-acre site near the Garden State Parkway. The complex has 82 one-bedroom, 166 two-bedroom and 62 three-bedroom units. Completed earlier this year, the property is now 100% occupied, according to Cadranell.