Working exclusively on behalf of the borrower, HFF senior managing director Tom Didio placed the five-year, fixed-rate loan with a regional bank. Loan proceeds were used to take out an existing construction loan.
Completed in 2008, Tower Spring Gardens II features 27 one-, two- and three-bedroom units averaging 1,300 square feet each. The fully leased property is situated on a 2.5-acre site at 851 Springfield Ave. across from the New Jersey Transit's New Providence train station. The borrower also owns the adjacent property, Tower Spring Gardens I.
Tower currently owns and operates more than 2,000 multifamily units in 21 garden communities in New Jersey, New York and Pennsylvania.
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