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.

Parent Walters Group, a residential and commercial development firm with offices in Barnegat and Marlton, NJ, is headed by partners Ed Walters, Greg Walters, Tim Regan and Joe DelDuca. Besides Atlantic Heights apartments, the 20-year-old company has built a total of more than 1,100 single-family homes, as well as a 70,000-sf shopping center, a professional office complex and a 460-bed student housing property at West Chester University in suburban Philadelphia.

Other current Walters Group projects include Ocean Acres, a 1,800-lot residential development in Ocean County, NJ, and Stafford Park, a mixed-use project of 500 homes and 650,000 sf of retail space in Stafford Twp., NJ.